EEA EFTA Comments on the European Supervisory Authorities and ESRB

Published 24-04-2018
On 24 April 2018 Iceland, Liechtenstein and Norway submitted a joint EEA EFTA Comment on the review of the European Supervisory Authorities and the European Systemic Risk Board (ESRB) regulation.

On 24 April 2018 Iceland, Liechtenstein and Norway submitted a joint EEA EFTA Comment on the Commission proposals COM(2017) 536 on the review of the European Supervisory Authorities and COM(2017) 538  with amendments to the European Systemic Risk Board (ESRB) regulation.

The EEA EFTA States support the current governance structure of the European Supervisory Authorities (ESAs) with full participation for the EEA EFTA States except for the right to vote.

They also highlight the importance of maintaining the balanced solution found regarding EFTA participation in the governing of the ESAs. Regarding the Commission proposal to transfer important decision-making powers from the Board of Supervisors to a new “Executive Board”, the EEA EFTA States view it as difficult to see how the balance can be maintained, unless the EFTA States are allowed sufficient participation in such an Executive Board. The present governance structure, with EFTA participation, should therefore be maintained.

Regarding the ESRB, the EEA EFTA States encourage the European Parliament and the Council to accept the proposal by the Commission in COM (2017) 538, so that the amended Regulation and the subsequent Joint Committee Decision may provide for improved participation of the EEA EFTA States in the ESRB.

With regard to the Commission’s proposal on revised funding of the ESAs, the EEA EFTA States foresee that their financial contribution will be established in the Joint Committee Decision incorporating the relevant legal acts into the EEA Agreement, in line with Article 82 of the EEA Agreement. The decision on the funding mechanism could be facilitated by early participation of the EEA EFTA States in discussions on delegated acts that establish the funding mechanism. 

Submitting comments on important policy issues is one of the ways in which the EEA EFTA States participate in shaping EU legislation. A typical EEA EFTA Comment provides a brief commentary and suggestions regarding Commission initiatives such as green papers or legislative proposals. The comments are endorsed by the Standing Committee of the EFTA States and officially noted by the EEA Joint Committee after they have been sent to the relevant services in the Commission, the European Parliament or the Council.

 

The EEA EFTA Comment on the European Supervisory Authorities and the European Systemic Risk Board is available here.
 
A full list of EEA EFTA Comments is available here.
 

Seminar on the European Economic Area - Brussels 13 September 2018