On 12 April 2018, the European Central Bank (ECB) published an opinion on the draft Regulation that amends the Regulation that establishes the European Banking Authority (EBA Regulation). The draft Regulation forms part of a comprehensive package of proposals to reform the European System of Financial Supervision introduced in September 2017, consisting of the three European Supervisory Authorities and the European Systemic Risk Board. Generally the ECB welcomes the proposed Regulation’s objective of fostering effective and consistent prudential supervision and regulation across Europe, Specifically, with regard to the new supervisory functions in the proposed Regulation, the ECB is of the view that certain proposed amendments to the EBA Regulation do not adequately distinguish between the scope of the ECB’s micro-prudential supervisory tasks and the EBA’s competence to set regulatory standards to promote supervisory convergence. The ECB considers it vital that synergies arising from the ECB’s and EBA’s mandates are maximised.

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