Article 93 Competent authorities

This is a foundational organisational article that establishes how supervision of the regulation is structured at the national level.

It requires each Member State to designate the national authority or authorities responsible for carrying out the regulation's functions, and to notify EBA and ESMA of those designations.

Where a Member State opts to spread supervisory responsibility across more than one authority, it must clearly divide their tasks and nominate a single point of contact to facilitate cross-border cooperation.

ESMA then consolidates this information by publishing a public list of all designated authorities.

This article underpins the broader supervisory framework that subsequent articles in the regulation build upon.

Important points:

• Member States are required to designate national competent authorities for the regulation and notify EBA and ESMA of their identity.
• Where multiple competent authorities are designated, Member States must define their respective tasks and appoint a single point of contact for cross-border administrative cooperation.
• ESMA is required to publish a list of all designated competent authorities on its website.