The Authority shall promote and monitor, within the scope of its powers, the efficient, effective and consistent functioning of colleges of supervisors established under the legislative acts referred to in Article 1(2), and foster consistency and coherence in the application of Union law. To converge supervisory best practices it shall promote joint supervisory plans and joint examinations; Authority staff have full participation rights in colleges, including participating in joint activities and on‑site inspections. The Authority shall lead in ensuring consistent functioning of colleges for cross‑border institutions, taking account of systemic risk (Article 23), and may convene meetings; for these purposes it is a 'competent authority'.

The Authority may collect and share relevant information and establish and manage a central access system; initiate and coordinate Union‑wide stress tests (Article 32) to assess resilience and systemic risk and may recommend or participate in on‑site inspections to ensure comparability and reliability of results. It may promote effective supervisory activities, oversee tasks carried out by competent authorities, request further college deliberations or agenda items, develop draft regulatory and implementing technical standards (Articles 10–15), issue guidelines and recommendations (Article 16), and exercise a legally binding mediation role and, under Article 19, take supervisory decisions directly applicable to the financial market participant concerned.