The abbreviation “ESA” stands for European Supervisory Authorities. The ESAs were founded in 2011 and are part of the ESFS. They comprise the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA).
The main task of the ESAs is to create uniform rules for financial supervision in the single European market. This includes the development of regulatory and implementing technical standards, which are subsequently adopted by the Commission as delegated or implementing legal acts. Additionally, the ESAs issue guidelines and provide recommendations. While the ongoing supervision of institutions is the responsibility of the relevant national supervisory authorities, the ESAs have the power to require measures from the national supervisory authorities in the event of a crisis.