Articles 58 and 59 of the EBA, EIOPA and ESMA regulations provide for the establishment of a joint Board of Appeal of the three Authorities. The Board is responsible for deciding on appeals against certain individual decisions of the Authorities. Its decisions can themselves be appealed before the Court of Justice of the European Union.
The joint Board of Appeal shall be composed of six members and six alternates, who shall be individuals of a high repute with a proven record of relevant knowledge and professional experience, including supervisory experience, to a sufficiently high level in the fields of banking, insurance, occupational pensions, securities markets or other financial services. Current staff of the competent authorities or other national or Union institutions involved in the activities of the Authorities are excluded from the joint Board.
Two members of the Board of Appeal and two alternates shall be appointed by the Management Board of each Authority from a short-list proposed by the Commission, following a
public call for expressions of interest published in the
Official Journal of the European Union on 19 January 2011 (C17/2), and after consultation with the Board of Supervisors.
The Board of Appeal designates its own President.
The term of office of the members of the Board of Appeal shall be five years. This term may be extended once. The Board of Appeal shall have sufficient legal expertise to provide expert legal advice on the legality of the Authorities' exercise of their powers. The members of the Board of Appeal shall be independent in making their decisions. They shall not be bound by any instructions.