These new authorities will be born from the transformation of the existing 3L3 committees into a European Banking Authority (EBA), a European Securities and Markets Authority (ESMA), and a European Insurance and Occupational Pensions Authority (EIOPA). The network of national financial supervisors will work together with the new European Supervisory Authorities (ESAs).
The new bodies will be built on shared and mutually-reinforcing responsibilities, combining nationally-based supervision of financial institutions with specific tasks at the European level; will foster harmonized rules and coherent supervisory practice and their enforcement. Other initiatives at the world level are intended to promote sound practices for colleges of supervision.