The Board of Appeal of the European Supervisory Authorities is established and shall be composed of six members and six alternates. Members and alternates must be individuals of high repute with a proven record of relevant knowledge of Union law and international professional experience at a sufficiently high level in banking, insurance, occupational pensions, securities markets or other financial services. They must not be current staff of competent authorities or other national or Union institutions or bodies involved in the Authority’s activities, nor members of the Securities and Markets Stakeholder Group; must be nationals of a Member State and have a thorough knowledge of at least two official Union languages. The Board shall have sufficient legal expertise to advise on legality, including proportionality, of the Authority’s exercise of powers and shall designate its President.

Two members and two alternates are to be appointed by the Management Board of the Authority from a shortlist proposed by the Commission following a public call in the Official Journal of the European Union and after consultation of the Board of Supervisors; the European Parliament may invite candidates or members to make statements and answer questions, excluding individual cases. Members serve five-year terms, extendable once. A member appointed by the Management Board may be removed only for serious misconduct following consultation of the Board of Supervisors. Decisions require a majority of at least four of six members, and where the appealed decision falls within the Regulation that majority must include at least one of the two members appointed by the Authority. The President shall convene the Board when necessary, and the ESAs shall provide operational and secretarial support through the Joint Committee.