ESMA Board of Supervisors
The Board of Supervisors is composed of the heads of 27 national authorities (where there is more than one national authority in a Member State those authorities will agree which of their heads will represent them), with one observer from the European Commission, from Norway, Iceland and Lichtenstein, a representative of EBA and EIOPA and one representative of the ESRB.
The main role of the Board of Supervisors is to take all policy decisions of ESMA, such as decision on the compliance by national competent authorities with community legislation, interpretation of community legislation, decisions in crisis situations, the approval of draft technical standards, guidelines, peer reviews and any reports which are developed. The Board of Supervisors will also take the final decision on ESMA's budget. The Board of Supervisors will meet at least twice a year, although in reality it is anticipated they will meet far more regularly.