CHAIR : Jean Guill, Director General of the Commission de Surveillance du Secteur Financier (CSSF)
RAPPORTEUR : Anne-Laurence Semik
The Review Panel operates on the basis of the Decision setting up the Review Panel Protocol (Ref. ESMA/2011/BS/229) and the ESMA Review Panel Methodology (Ref. ESMA/2013/1709). The Review Panel contributes to supervisory convergence through its assessment of the implementation of Union Law in the Member States, and the identification of areas of regulation and supervision where there is room for further convergence.
The Review Panel achieves this aim by fostering effective co-operation between National Competent Authorities (NCAs), carrying out reviews and promoting best practices.
The main tasks of the Review Panel are to ensure investor protection through an effective single rule book and adequate supervisory practices.
The main tool developed by the Review Panel consists of peer reviews. These reviews help:
• ensure the consistent and timely implementation of EU legislation and ESMA standards and guidelines into national jurisdictions;
• assess the supervisory practices of the National Competent Authorities, including through on-site visits.
Through the peer review process ESMA provides an independent overall assessment of the supervisory approaches in place at the national competent authorities, including enforcement matters, and identifies good practices.
For each peer review an independent assessment group, composed of ESMA staff and experts from NCAs, is set up. The work is based on a mandate approved by the ESMA Board of Supervisors and carried out by using various tools, such as self-assessment questionnaires on the basis of common objective criteria and more recently on-site visits.