European Supervisory Authorities publish joint criteria on the independence of supervisory authorities

Summary:

The three European Supervisory Authorities (EBA, EIOPA, and ESMA) have published joint criteria on the independence of supervisory authorities. The criteria are organized around four key principles: operational independence, personal independence, financial independence, and accountability and transparency. These principles aim to ensure that supervisory authorities operate independently and effectively, providing fair, effective, and transparent decisions that protect customers and consumers of financial services, and maintain confidence in the financial system. The criteria can be used by supervisory authorities as a tool to enhance their independence and will also be used by the ESAs to assess supervisory independence in the EU.