The following Financial Services guidance note provides comprehensive and up to date legal information covering:
The three European Supervisory Authorities (ESAs)—the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) were established as from January 2011. The ESAs ensure closer cooperation and exchange of information among national supervisors, facilitate the adoption of EU solutions to cross-border problems, and advance the coherent interpretation and application of rules. For further information, see European System of Financial Supervision and The Single Supervisory Mechanism.
Articles 58 and 59 of the Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010, Regulation (EU) No 1095/2010 (collectively, the ESAs Regulations) provide for the establishment of an independent and impartial Board of Appeal of the three ESAs. Under Article 58(8) of the ESAs’ Regulations, the ESAs provide operational and secretarial support to the Board of Appeal through the Joint Committee, a body which is also established by the ESAs’ Regulations. The Board of Appeal is responsible for deciding on appeals against certain decisions of the ESAs according to Article 60 of the ESAs’ Regulations. The Board of Appeal is a joint body of the ESAs, and has been introduced to effectively protect the rights of parties affected by decisions adopted by the ESAs. Although its Secretariat is supported by the
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