Deloitte comment letter on ESA Consultation
The European Economic Area member firms of Deloitte Touche Tohmatsu Limited have responded to the European Commission’s consultation on “The Operations of the European Supervisory Authorities”.
High-level but strong messages on a few core principles for standard-setting and enforcement activities that we believe are particularly relevant for the EU environment are:
- Separation of powers
- Balance of powers
- Stakeholders’ involvement
With regard to the first point, we agree with the common European position as regards Question 15 of the consultation and stress:
[A] separation of powers between the activities of standard-setting, enforcement and final decisions on sanctions favours independent decision-making and mitigates the risks of conflicts of interests.
Please click to download our full comment letter below.
