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Provision history · ESMA Regulation

Art. 23 · Identification and measurement of systemic risk

European Securities and Markets Authority Regulation · 32010R1095 · every version of this act · on EUR-Lex

1 change recorded across 1 version, newest first.

Twin in EBA Regulation: Art. 23, textually similar (0.967), paired on this act's text of 10 November 2025 and the EBA Regulation text of 31 December 2025. See where the two texts differ.

Twin in EIOPA Regulation: Art. 23, textually similar (0.930), paired on both acts' texts of 10 November 2025. See where the two texts differ.

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Version in force Modified +88 −23

Amended by Regulation (EU) 2019/2175 32019R2175 on EUR-Lex

Applies from: no date changed

Explanation, written by a model and checked against the cited text

The description of systemic risk in the stress-testing evaluation now covers risk posed by, or to, financial market participants, rather than only risk posed by them.

The provision also adds a reference to potential environmental-related systemic risk as part of that evaluation, and changes the spelling of stress testing to stress-testing.

Cited: Art. 23, v2

v1 is the previous version, v2 this one.

Text from EUR-Lex, before and after

Previous version, in force 23 May 2014 02010R1095-20140523 → this version, in force 1 January 2020 02010R1095-20200101

Article 23 Identification and measurement of systemic risk 1. The Authority shall, in consultation with the ESRB, develop criteria for the identification and measurement of systemic risk and an adequate stress testing stress-testing regime which includes an evaluation of the potential for systemic risk posed by by, or to, financial market participants to increase in situations of stress. stress, including potential environmental-related systemic risk. The financial market participants that may pose a systemic risk shall be subject to strengthened supervision, and where necessary, the recovery and resolution procedures referred to in Article 25. 2. The Authority shall take fully into account the relevant international approaches when developing the criteria for the identification and measurement of systemic risk posed by financial market participants, including those established by the Financial Stability Board, the International Monetary Fund and the Bank for International Settlements.