AI Summary of Article 8 Tasks and powers of the Authority
The Authority is tasked with developing high-quality common regulatory and supervisory standards, including draft regulatory and implementing technical standards, guidelines, recommendations and opinions, and maintaining a Union supervisory handbook setting out best practices and methodologies. It must promote consistent application of Union law, foster a common supervisory culture, prevent regulatory arbitrage, mediate between competent authorities, organise peer reviews, cooperate with the ESRB, monitor markets and innovation including ESG factors, stimulate delegation among authorities, support consumer and investor protection, contribute to recovery and resolution planning and establish a common Union financial data strategy, publish information and standards online, and fulfil other mandate-specific tasks.
The Authority has powers to develop draft regulatory and implementing technical standards, issue guidelines, recommendations and warnings, take individual decisions addressed to competent authorities and, in cases of directly applicable Union law, to financial market participants, issue opinions and answers, collect necessary information, develop common methodologies and provide a central database of registered market participants. It must act within the legislative framework, respect proportionality and better regulation, and conduct open public consultations with published summaries of stakeholder input and its use.
Article 8 Tasks and powers of the Authority
1. The Authority shall have the following tasks:
(a) based on the legislative acts referred to in Article 1(2), to contribute to the establishment of high-quality common regulatory and supervisory standards and practices, in particular by developing draft regulatory and implementing technical standards, guidelines, recommendations, and other measures, including opinions;
(aa) to develop and maintain an up-to-date Union supervisory handbook on the supervision of financial market participants in the Union which is to set out best practices and high-quality methodologies and processes and takes into account, inter alia, changing business practices and business models and the size of financial market participants and of markets;
(b) to contribute to the consistent application of legally binding Union acts, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the legislative acts referred to in Article 1(2), preventing regulatory arbitrage, fostering and monitoring supervisory independence, mediating and settling disagreements between competent authorities, ensuring effective and consistent supervision of financial market participants, ensuring a coherent functioning of colleges of supervisors and taking actions, inter alia, in emergency situations;