By 31 December 2021, and every three years thereafter, the Commission shall publish a general report on the operation of the Authority and procedures under this Regulation. The report shall evaluate supervisory effectiveness and convergence (including independence and corporate governance standards), the Authority’s impartiality, objectivity and autonomy, the functioning of colleges of supervisors, progress in crisis prevention, management and resolution (including Union funding mechanisms), the Authority’s role on systemic risk, the application of Article 38 and Article 19 and the functioning of the Joint Committee.

As part of that report the Commission shall, after consulting relevant authorities and stakeholders, conduct comprehensive assessments of the application of Article 9a and of potential supervision by the Authority of third‑country trading venues and third‑country central securities depositories, addressing recognition by systemic importance, organisational and compliance requirements, sanctions, staff and resources and effects on liquidity, best price and execution, access barriers and benefits for EU counterparties and the capital markets union. Assessments of trading venues and CSDs, with any legislative proposal, are to be submitted to the European Parliament and the Council by 30 June 2021. The report shall also examine sectoral supervisory arrangements, prudential versus conduct supervision, simplification and coherence of the ESFS, global consistency, diversity and excellence within the ESFS, publication and accountability, adequacy of the Authority’s resources and whether to maintain the Authority’s seat or move the ESAs to a single seat; the Commission shall draw up an annual report on entrusting the Authority with further supervisory responsibilities for pan‑European institutions or infrastructures and forward the report and any proposals to the European Parliament and the Council.