The European Banking Authority (EBA) has published an opinion in response to the European Commission’s consultation on the operation of the European Supervisory Authorities.
Among other things the EBA comments on the international aspects of its role, stating:
“EBA’s role in the assessment of equivalence could be better specified in an amendment to the EBA’s Regulations to clarify its role in respect of the initial equivalence assessment of a third country’s regulatory and supervisory framework as well as of the necessary continuous follow-up monitoring and implementation work that takes place once equivalence has been granted. This could include to monitor regulatory, supervisory and market developments in third countries and/or to monitor supervisory co-operation involving Union competent authorities and their third country counterparts. In general, we consider that EU bodies should claim full recognition of their local (i.e. at the EU level) role at international standard setter tables such as the BCBS or the FSB.”
View EBA publishes opinion on Commission consultation on the operation of the ESAs, 31 May 2017