We would like to thank the European Commission for the opportunity of commenting on the Public consultation on the operations of the European Supervisory Authorities. EPIF would hope that the ESA review will provide the opportunity to implement the following three suggestions:
- The EBA Regulation should enshrine binding wording giving the EBA a clear mandate to promote supervisory convergence between the national competent authorities responsible for overseeing payment institutions and to coordinate policy issues between ‘home’ and ‘host’ state supervisors. If appropriate, this should also include the continued ability to adopt Technical Regulatory Standards, develop guidance or oversee a mediation mechanism;
- In line with other sectors and activities falling under the remit of the EBA and the other respective European Supervisory Authorities, the EBA should convene a Stakeholder Group representing the payment institution sector. This Group should be consulted on all aspects of the EBA’s work in relation to payments, including its work carried out as part of the Joint Committee.
- Finally, appropriate resources should be made available to the EBA to carry out its above functions effectively.