rec_34

(34) Orderly and well-functioning international financial markets require the monitoring of third-country equivalence decisions that have been adopted by the Commission. Each ESA should monitor the regulatory and supervisory developments and the enforcement practices in those third countries. It should do so in order to verify whether the criteria, on the basis of which those decisions have been taken and of any conditions set out therein, are still fulfilled. Each ESA should submit a confidential report on its monitoring activities to the Commission on an annual basis. In that context, each ESA should also, where possible, develop administrative arrangements with third-country competent authorities to obtain information for monitoring purposes and for coordinating supervisory activities. That enhanced supervisory regime should ensure that third-country equivalence is more transparent, more predictable for the third countries concerned and more consistent across all sectors.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.