1. A European Systemic Risk Board (ESRB) is established. It shall have its seat in Frankfurt am Main.

2. The ESRB shall be part of the European System of Financial Supervision (ESFS), the purpose of which is to ensure the supervision of the Union's financial system.

3. The ESFS shall comprise:

(a) the ESRB;

(b) the European Supervisory Authority (European Banking Authority) established by Regulation (EU) No 1093/2010;

(c) the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No 1094/2010;

(d) the European Supervisory Authority (European Securities and Markets Authority) established by Regulation (EU) No 1095/2010;

(e) the Joint Committee of the European Supervisory Authorities (Joint Committee) provided for by Article 54 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010;