ESAs conclude a multilateral Memorandum of Understanding with the EFTA Surveillance Authority

The European Supervisory Authorities (EBA, EIOPA, and ESMA - the ESAs) have concluded a multilateral Memorandum of Understanding (MoU) on cooperation, information exchange and consultation with the EFTA Surveillance Authority.

This multilateral MoU establishes practical arrangements between the ESAs and the EFTA Surveillance Authority in relation to the adoption of acts by the EFTA Surveillance Authority on product intervention, breach of European Economic Area law, action in emergency situations, mediation, as well as on the adoption of specific opinions, effective within the EEA-EFTA States.

The EFTA Surveillance Authority has been vested with the powers to adopt decisions and formal opinions addressed to competent authorities and/or financial market participants and financial institutions in the EEA-EFTA States based on the amended Agreement on the European Economic Area (EEA Agreement) of 30 September 2016.