European Banking Authority

After the 2008 financial crisis, the three European committees - CESR, CEBS, CEIOPS - were replaced in 2011 by three sectoral European Supervisory Authorities (ESAs): the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA). The ESAs are EU agencies tasked with a broad set of functions. First, ESAs function as consultative bodies. They create regulatory technical standards (RTS) or implement technical standards (ITS) to contribute to the creation of a European single rulebook. In order to promote supervisory convergence, the same ESAs may also issue recommendations and guidelines. Besides, ESAs have certain powers in cases of breach of EU law by national supervisory authorities, emergency situations and disagreements between competent national authorities. In addition, the three sectoral ESAs work together in a Joint Committee. Finally, they may exercise, in specific cases, direct supervision.