As part of its task of establishing consistent, efficient and effective supervisory practices across the EU and ensure uniform application of Union law, the European Banking Authority (EBA) issues regulatory guidelines and recommendations in its fields of competence. Regulation (EU) No 1093/2010 establishing the EBA requires that competent authorities and financial institutions make every effort to comply with the EBA guidelines and recommendations (Article 16).
Once approved by its Board of Supervisors, the EBA makes available on its website the English language version of its guidelines and recommendations; any related reports containing background papers, or feedback from public consultations, views of the EBA Banking Stakeholder Group (BSG), as well as cost-benefit analyses, are published alongside this, where appropriate.
Guidelines and recommendations are, however, formally issued only once published in all relevant EU official languages on the EBA website. Within two months, competent authorities across the EU must inform the EBA whether they comply or intend to comply with the guidelines or recommendations. If a competent authority does not comply or does not intend to comply, it must inform the EBA of this and state reasons for non-compliance, as prescribed by the ‘comply or explain' principle. If specified in the guidelines or recommendations, financial institutions might also have to report whether or not they comply.
Competent authority compliance can be notified to the EBA through this form: