On March 21, 2017, the European Commission published a consultation on the operation of the European Supervisory Authorities ("ESAs").

The Commission is seeking a wide range of views on matters concerning the ESAs. These include:

  • How respondents assess ESAs' work in promoting a common supervisory culture and fostering supervisory convergence and how any weaknesses are best addressed.
  • Whether to adjust ESAs' tasks and powers in relation to breaches of EU law by individual entities.
  • Whether to strengthen ESAs' role in implementation and monitoring following the adoption of an equivalence decision.

The Commission has noted that this consultation may lead to further legislation. Responses are due by May 16, 2017. The full consultation paper is available at:

https://ec.europa.eu/info/sites/info/files/2017-esas-operations-consultation-document_en.pdf

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