The Review Panel is mandated to assess the degree of convergence reached by members in the implementation of supervisory provisions, set out in Community legislation and in our measures, and to monitor convergence in supervisory practices, with the purpose of encouraging a timely and consistent day to day application of all the above and of enhancing supervisory convergence within the EEA. In this respect, independent reviews are conducted by the Review Panel based on self-assessments provided by its members against clear and objective implementation criteria. Consistent with the so-called ‘comply or explain’ approach, should a member have not implemented a given supervisory provision or practice, then it will have to explain why. The credibility and the effectiveness of the mechanism are assured by the independence of the Review Panel, by a clear and objective methodology, and by the transparency of the process.

 

The EBA adopted the decision establishing the Review Panel on 4 May, 2011, whereas the methodology for the peer review mechanism, inspired by CESR' experience, was published on 15 October 2007 and will be revised shortly. The decision sets out the Review Panel mandate, delineates the appointment procedures of Review Panel members and sub-groups  and defines  the scope of peer reviews. The methodology sets out guidance and procedures for the completion of both self assessments and review by peers, the reporting and publication requirements.

EBA Decision establishing its Review Panel
Peer Review Methodology (revised, July 2009)