Article 40 Composition

The Board of Supervisors shall be composed of:

▼M8

▼B

▼M1

▼B

The Board of Supervisors shall convene meetings with the Banking Stakeholder Group regularly, at least twice a year.

Each competent authority shall be responsible for nominating a high-level alternate from its authority, who may replace the member of the Board of Supervisors referred to in paragraph 1(b), where that person is prevented from attending.

Where the authority referred to in paragraph 1(b) is not a central bank, the member of the Board of Supervisors referred to in that point may decide to bring a representative from the Member State’s central bank, who shall be non-voting.

In discussions not relating to individual financial institutions, as provided in Article 44(4), the representative nominated by the Supervisory Board of the European Central Bank may be accompanied by a representative of the European Central Bank with expertise on central banking tasks.

In Member States where more than one authority is responsible for the supervision according to this Regulation, those authorities shall agree on a common representative. Nevertheless, when an item to be discussed by the Board of Supervisors does not fall within the competence of the national authority being represented by the member referred to in paragraph 1(b), that member may bring a representative from the relevant national authority, who shall be non-voting.

For the purpose of acting within the scope of Directive 94/19/EC, the member of the Board of Supervisors referred to in paragraph 1(b) may, where appropriate, be accompanied by a representative from the relevant bodies which administer deposit-guarantee schemes in each Member State, who shall be non-voting.

►M10  The Board of Supervisors may decide to admit observers. In particular, the Board of Supervisors shall admit a representative of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism established by Regulation (EU) 2024/1620 of the European Parliament and of the Council ( 26 ) where matters that fall under its mandate are discussed or decided upon. ◄

The Executive Director may participate in meetings of the Board of Supervisors, without the right to vote.

Where the national public authority referred to in point (b) of paragraph 1 is not responsible for the enforcement of consumer protection rules, the member of the Board of Supervisors referred to in that point may decide to invite a representative from the Member State’s consumer protection authority, who shall be non-voting. In the case where the responsibility for consumer protection is shared by several authorities in a Member State, those authorities shall agree on a common representative.