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10 February 2011 Supervision Supervision label Factsheet

The tasks of the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) include contributing to the consistent, effective and efficient application of EU regulation in Colleges of Supervisors.

Membership of Colleges of Supervisors

For the performance of these tasks, the EBA and the EIOPA participate in the activities of the Colleges of Supervisors, including on-site verifications or investigations, carried out jointly by two or more competent authorities.

Powers in Colleges of Supervisors

  • Collecting and sharing all relevant information in cooperation with the competent authorities in order to facilitate the work of the College and establishing and managing a central system to make such information accessible to the competent authorities in the College;

  • initiating and coordinating Union-wide stress tests to assess the resilience of financial institutions, in particular the systemic risk posed by financial institutions;

  • promoting effective and efficient supervisory activities, including evaluating the risks to which financial institutions are or might be exposed as determined under the supervisory review process or in stress situations;

  • overseeing the tasks carried out by the competent authorities in the College;

  • requesting further deliberations of a College in any cases where it considers that a decision would result in an incorrect application of Union law or would not contribute to the objective of convergence of supervisory practices;

  • requiring the consolidating supervisor to schedule a meeting of the College or add a point to the agenda of a meeting;

  • playing a legally binding mediation role to resolve disputes between competent authorities in the College;

  • setting binding technical standards in the area covered by the College.