10/18/2021 | Press release | Distributed by Public on 10/19/2021 05:43
The three reports take stock of the factual situation on CAs' independence along key angles, namely, operational, financial and personal independence as well as accountability and transparency. The reports seek to factually represent the arrangements and practices reported by CAs without assessing the independence of individual CAs.
Key trends
CAs state that they are independent authorities, operating independently on a day-to-day basis, with sufficient financial and personal independence, and an adequate framework for ensuring accountability and transparency. However, the precise approach and framework reported by CAs frequently varies. For instance:
Since January 2020, the ESAs have the clear task of fostering and monitoring supervisory independence. The three ESAs have, therefore, closely coordinated their work to examine how key aspects of supervisory independence have been incorporated into the governance and activities of CAs.
Next steps
The reports can support CAs in assessing whether it might be desirable to seek any legislative or regulatory amendment to further improve the framework underpinning their independence.
They provide ESAs with valuable information that may be considered for any future work in the field of supervisory independence.
In addition, the reports may be used by the European Commission as input for its own report on the independence of CAs that it is preparing under the review clauses of the ESAs founding regulations.