FESE welcomes the opportunity to provide its views on the Review of the European Supervisory Authorities. In considering the proposals from the European Commission on the ESAs Review, FESE believes the focus should be on the following high-level principles

and objectives:

- Strengthening supervisory convergence within ESMA’s current tools and structures

- The proposals for new direct supervision are not justified

- NCAs competence and knowledge needs to be utilised in European supervision

- ESMA should have a stronger role in third country issues

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