Recital 1

(1)In accordance with Article 20 of Regulation (EU) No 1092/2010 of the European Parliament and of the Council ⁴ , the European Parliament and the Council, on the basis of the report from the Commission to the European Parliament and to the Council of 8 August 2014 on the mission and organisation of the European Systemic Risk Board, have examined Regulation (EU) No 1092/2010 to determine whether the mission and organisation of the European Systemic Risk Board (ESRB) needed to be reviewed. The modalities for the designation of the Chair of the ESRB have also been reviewed.