5.

Article 7 is replaced by the following: ‘Article 7 Assessment Team 1. The Assessment Team shall prepare assessments of and draft opinions or recommendations on macroprudential policy measures, on reciprocity of macroprudential measures and on third-country CCB rates. The Assessment Team’s members, as well as any observers, shall have a sufficient level of seniority, both from a technical and a policy perspective. 2. The Chair of the Assessment Team shall be the Head of the ESRB Secretariat or his/her designated alternate. The Chair of the Assessment Team shall be responsible for preparing the work of the Assessment Team, including setting the agenda, convening the meetings and tabling items for discussion and shall chair the meetings of the Assessment Team. 3. The Assessment Team shall comprise: (a) two representatives from the ESRB Secretariat including the Chair of the Assessment Team; (b) one representative from the supervisory function of the ECB; (c) one representative from the macroprudential function of the ECB; (d) one representative from the European Commission; (e) one representative from the European Banking Authority (EBA); and (f) nine representatives, each representing a different national authority from which the ESRB draws the members of its General Board with voting rights pursuant to Article 6(1) of Regulation (EU) No 1092/2010. The nine representatives in sub-paragraph (f) shall include at least two representatives from those national authorities from which a national member of the Steering Committee has been elected pursuant to Article 11(1)(c) of Regulation (EU) No 1092/2010, as well as a representative of the authority from which the first Vice-Chair of the ESRB has been elected pursuant to Article 5(2) of Regulation (EU) No 1092/2010, and a representative from the authority from which the Chair of the ATC has been appointed pursuant to Article 13(2) of Regulation (EU) No 1092/2010 if that authority is an authority of the type referred to in subparagraph (f) above. 4. Based on nominations from the national authorities from which the ESRB draws its members of the General Board with voting rights, the General Board shall appoint the nine representatives referred to in paragraph 3, having regard to the need for a balanced representation of Member States between those which are participating Member States as defined in Article 2(1) of Council Regulation (EU) No 1024/2013 (*1) and those which are not. They shall be appointed for the same period as the respective national member of the Steering Committee or otherwise for a period of three years. Representatives on the Assessment Team from national authorities from which a national member of the Steering Committee has not been selected may be reappointed. 5. All other members of the Assessment team shall be appointed for an unlimited period. 6. Authorities represented in the Assessment Team may change their representative based on the expertise needed and the type of assessment to be conducted by the Assessment Team pursuant to Article 1(2). Such changes must be approved by the Chair of the Assessment Team. 7. Observers may request to be invited to participate in the Assessment Team with a view to contributing to the discussion. Observers may comprise representatives of authorities referred to in Article 6(1) and (2) and Article 13(1) of Regulation (EU) No 1092/2010. When a recommendation or opinion is prepared in accordance with Articles 131(5a) and 133(11) and (12) of Directive 2013/36/EU and Article 458(4) of Regulation (EU) No 575/2013, representatives from the Commission and the EBA shall participate as observers. When an opinion is prepared in accordance with Articles 124(2) or 164(6) of Regulation (EU) No 575/2013, representatives from the EBA shall participate as observers. Representatives from relevant authorities in concerned third countries may also be invited as observers, in which case they shall be subject to confidentiality agreements. 8. Where, pursuant to Article 5(2) of Regulation (EU) No 1024/2013, the ECB, instead of a national authority, notifies a macroprudential policy measure at national level, the ECB shall be represented by two observers and each Member State concerned shall be represented by two observers. 9. To avoid conflicts of interest in the assessment of macroprudential policy measures under Article 1(2)(a), the status of Assessment Team members shall temporarily cease, without those members being replaced, for representatives of Member States or the ECB in all cases where the relevant authorities of the Member State concerned or the ECB have notified a macroprudential policy measure or raised material concerns regarding the macroprudential policy measure or requested reciprocity of a macroprudential policy measure to be assessed by the Assessment Team. 10. Members of the Assessment Team shall prepare draft opinions or recommendations in accordance with Articles 4(4), 5(4) and 6(5) on which the General Board may take a vote. The Assessment Team shall strive to reach consensus among its members. Where circumstances so require, it may provide a majority and a minority view in the assessment it submits to the General Board. (*1) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).’."