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1. The Steering Committee shall be composed of:

(a) the Chair and first Vice-Chair of the ESRB;

(b) the member of the Executive Board of the ECB responsible for financial stability and macroprudential policy;

(c) four national members of the General Board with voting rights having regard to the need for a balanced representation of Member States between those which are participating Member States as defined in point (1) of Article 2 of Regulation (EU) No 1024/2013 and those which are not. They shall be elected by and from among national members of the General Board with voting rights for a period of three years;

(d) a Representative of the Commission;

(e) the Chairperson of the European Supervisory Authority (European Banking Authority);

(f) the Chairperson of the European Supervisory Authority (European Insurance and Occupational Pensions Authority);

(g) the Chairperson of the European Supervisory Authority (European Securities and Markets Authority);

(h) the President of the EFC;

(i) the Chair of the Advisory Scientific Committee; and (j) the Chair of the Advisory Technical Committee. Any vacancy for an elected member of the Steering Committee shall be filled by the election of a new member by the General Board.

2. The Chair and the first Vice-Chair of the ESRB shall jointly set up the meetings of the Steering Committee at least quarterly, before each meeting of the General Board. The Chair and the first Vice-Chair may also jointly set up ad-hoc meetings.