EU Commission consults on operations of the ESAs

The EU Commission has launched a consultation on the operations of the European Supervisory Authorities (ESAs), which comprise the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA) and European Securities and Markets Authority (ESMA), established under the three ESA Regulations.

The consultation is intended to:

• gather evidence in order to evaluate whether the ESAs are delivering as expected considering their objectives to protect the public interest by contributing to the short term, medium and long-term stability and effectiveness of the EU financial system; and
• build a clearer overview of areas where the effectiveness and efficiency of the ESAs can be strengthened and improved.

In the consultation paper the Commission highlights that the consultation is necessary to reflect on what possible changes to the current legal framework are needed to optimise the rules within which the ESAs operate in order to increase their ability to deliver on their mandates. In particular, the Commission is seeking evidence on their tasks and powers, governance, supervisory architecture and funding.

Comments on the consultation are due by 16 May 2017.