The functioning of supervisory colleges has received a lot of attention over the last years and it was, therefore, decided that this was an appropriate topic for peer review. The focus of the review was on the methods employed by supervisory authorities in the setting up and functioning of supervisory colleges and to identify good practices.
On the basis of our peer review methodology, the functioning of colleges has been assessed against a set of reference documents, i.e. the relevant provisions of the CRD, the CEBS-CEIOPS 10 common principles (January 2009) for colleges of supervisors, the ‘Template for the Multilateral Cooperation and Coordination Agreement for the supervision of the XY Group', and the Guidelines for cooperation between consolidating supervisors and host supervisors'.
Against this background, the Review Panel prepared a questionnaire which was completed, as a self-assessment, by the competent authorities from a sample composed of 17 supervisory colleges. The factual results of this self-assessment phase were endorsed by the Review Panel in April 2010.
The Peer Review report presents the outcome of the review performed by the Review Panel between 26 April and 8 June 2010, together with a series of good practices for improving the functioning of colleges.
The peer review mechanism has been tested by assessing the application of the Guidelines on the implementation, validation and assessment of Advanced measurement (AMA) and Internal Ratings Based (IRB) approaches, both from a home and host perspective.
The first phase of this exercise, namely the assessment conducted by our members on whether they had implemented these Guidelines or not, was completed by June 2008.
The second phase of this exercise - namely the review performed by peers - was completed in April 2009. The Peer Review Report presents the main issues identified in the course of the review of the self-assessments. In addition, it lays out a series of proposals with a view to enhancing the convergence of practices in the implementation of the Guidelines on Validation and to improving the methodology for conducting peer reviews.
A report summarizing factual results derived from the self-assessments along with the Peer Review Report can be accessed under the links below:
The self-assessments per country can be accessed in the links below. It should be noted that our Members remain responsible for the answers provided in the self-assessments.