Review Panel

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CHAIR : Jean GUILL, Director General of the Commission de Surveillance du Secteur Financier (CSSF) and Member of the ESMA Management Board

RAPPORTEUR : Jacob Lönnqvist


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 the consistent and timely implementation of Community legislation 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 securing more effective co-operation between national supervisory authorities, carrying out reviews and promoting best practice. One key task of the Review Panel is to review the implementation of EU legislation, and ESMA standards and guidelines into rules and supervisory practices in the national jurisdictions.

The panel assesses the overall process of implementation, provides common understanding and expresses views on specific problems in the implementation process encountered by individual Competent Authorities. The panel uses mappings and, based on commonly agreed benchmarks, self-assessments to obtain a first picture of the practice of supervision in a given area. The panel also exercises group pressure through peer reviews which are carried out by fellow national authorities on the implementation in all jurisdictions concerned to evaluate the competent authorities’ state of compliance. In certain circumstances, the Review Panel carries out “selective peer reviews”, i.e. it establishes a special group to address issues of a technical nature or focus on a limited group of countries. The findings of the Review Panel are made public and communicated to the European Commission, market participants, and the wider public.