The Board of Supervisors comprises the Chairperson; the head of the national public authority competent for supervision in each Member State, who shall meet in person at least twice a year; one non-voting representative of the Commission; one non-voting representative of the ESRB; and one non-voting representative of each of the other two European Supervisory Authorities. The Board shall convene meetings with the Securities and Markets Stakeholder Group at least twice a year. Each competent authority must nominate a high-level alternate to replace its member if prevented from attending. In Member States with multiple supervisory authorities those authorities shall agree a common representative, and the member may bring a non-voting representative from a relevant national authority where an item falls outside its competence.

For Directive 97/9/EC the national member may be accompanied, non-voting, by a representative of bodies administering investor compensation schemes; for Regulation (EU) 2021/23 the national member may be accompanied, non-voting, by a representative of the resolution authority. The Board may admit observers and shall admit a representative of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism under Regulation (EU) 2024/1620 when matters within its remit are discussed or decided. The Executive Director may attend meetings without voting rights. Where national consumer protection responsibility lies elsewhere the member may invite a non-voting consumer protection representative; where responsibility is shared the authorities shall agree a common representative.