Fourth, the adoption, in our country, of what is considered an appropriate global practice is often a process that has to be managed carefully, sometimes gradually and often in a non-disruptive manner.
Under the current framework, all supervisors in the Member States continue to be responsible for assuming their individual supervisory functions, but they have to report on their practices to the relevant authority. The ESAs’ regulations provide for a review of the new institutional arrangements by the European Commission in early 2014.