Legal basis
- ESMA’s competence to deliver an opinion to competent authorities is based onArticle 29(1)(a) of Regulation (EC) No 1095/2010 of the European Parliament and ofthe Council of 24 November 2010 establishing a European Supervisory Authority(European Securities and Markets Authority) (ESMA Regulation).
- Pursuant to Article 29(1)(a) of ESMA Regulation, ESMA shall provide opinions tocompetent authorities for the purpose of building a common Union supervisory cultureand consistent supervisory practices, as well as ensuring uniform procedures andconsistent approaches throughout the Union.
- ESMA has specific competences in respect of colleges of supervisors as set out in theESMA Regulation. In particular, pursuant to Article 21(1) of the ESMA Regulation,ESMA shall contribute to promoting and monitoring the efficient, effective andconsistent functioning of the colleges of supervisors. In addition, in accordance withArticle 21(6) of Regulation (EU) No 648/2012 of the European Parliament and of theCouncil of 4 July 2012 on OTC derivatives, central counterparties and traderepositories (EMIR), ESMA shall fulfil a coordination role between authoritiescompetent for the supervision of central counterparties (CCPs) and across the CCPcolleges, established pursuant to Article 18 of EMIR, with a view to building a commonsupervisory culture and consistent supervisory practices, ensuring uniform proceduresand consistent approaches, and strengthening consistency in supervisory outcomes.
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