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.