About this consultation
For the purpose of the consultation, at least the following stakeholders will be targeted:
- The ESAs themselves: these entities are directly affected by the ESA regulations and their input will be key.
- Financial institutions and other market participants: these entities and individual are directly or indirectly affected by the ESA Regulations and will be directly affected by any changes to the funding framework that would involve their contribution to ESA funding.
- National supervisors: the supervisors of financial institutions and market participants. These stakeholders interact and cooperate closely with the ESAs and are well placed to observe how well the ESAs operate and achieve the objectives in the ESA Regulations. They are also directly affected by the use of the ESAs powers.
- National ministries: these stakeholders are interacting with the ESAs and are likely to have strong views on each aspect of the ESAs.
- Non-governmental organisations, think tanks and others: these stakeholders include consumers of the services provided by financial institutions and other market participants, represented by organisations such as Finance Watch and Better Finance, or consulted through the Commission’s Financial Services User Group (FSUG). They are likely to have views on the operations of the ESAs and on their ability to protect the public interest by contributing to the short, medium and long-term stability and effectiveness of the financial system for the benefit of the Union economy and its citizens.
- European institutions: the European Parliament and the Council as co-legislators and Budgetary Authority, the Single Supervisory Mechanism, the European Central Bank
- All citizens and organisations are also welcome to contribute to this consultation.
Objective of the consultation
The purpose of the consultation is twofold:
- to gather evidence on the operations of the ESAs to evaluate their operations and to see whether they are delivering as expected considering their objectives to protect the public interest by contributing to the short, medium and long-term stability and effectiveness of the financial system, for the Union economy, its citizens and business;
- and to build a clearer overview of areas where going forward the effectiveness and efficiency of the ESAs can be strengthened and improved. The results should provide a basis for concrete and coherent action by way of a legislative initiative, if required.
Why does the consultation take less than 12 weeks?
The issues consulted on in relation to the operation of the ESAs are mostly well known to stakeholders. They have been the subject of discussions with stakeholders and previous consultations and evaluations carried out by the Parliament and the Commission. Issues relating to the ESAs have also come up in responses to the Green Paper on Building a Capital Markets Union and to the call for evidence.
This public consultation is therefore rather focussed and for that reason a two month timeframe is foreseen. For that reason an 8 week timeframe is foreseen.
How to submit your response
Please note that in order to ensure a fair and transparent consultation process only responses received through the online questionnaire will be taken into account and included in the report summarising the responses.