FantasticSearch

1. A joint supervisory team shall be established for the supervision of each selected obliged entity. Each joint supervisory team shall be composed of staff from the Authority and from the financial supervisors responsible for supervision of the selected obliged entity at national level. The members of the joint supervisory team shall be appointed in accordance with paragraph 4 and shall work under the coordination of a designated staff member from the Authority (‘JST coordinator’).

2. The JST coordinator shall ensure the coordination of the work within the joint supervisory team. Joint supervisory team members shall follow the JST coordinator’s instructions as regards their tasks in the joint supervisory team. This shall be without prejudice to their tasks and duties within their respective financial supervisors. Each financial supervisor that appoints more than one staff member to the joint supervisory team pursuant to paragraph 4 may designate one of them as sub-coordinator (‘national sub-coordinator’). The national sub-coordinators shall assist the JST coordinator as regards the organisation and coordination of the tasks in the joint supervisory team, in particular as regards the staff members that were appointed by the same financial supervisor as the relevant national sub-coordinator. The national sub-coordinator may give instructions to the members of the joint supervisory team appointed by the same financial supervisor, provided that those instructions do not conflict with the instructions given by the JST coordinator.

3. The tasks of a joint supervisory team shall include the following:

(a) performing the supervisory reviews and assessments of the selected obliged entities;

(b) coordinating on-site inspections of selected obliged entities and preparing supervisory measures where necessary;

(c) participating in the preparation of draft decisions applicable to the respective selected obliged entity to be proposed to the General Board and Executive Board, taking into account the reviews, assessments and on-site inspections referred to in points (a) and (b);

(d) liaising with financial supervisors where that is necessary to exercise supervisory tasks in any Member State where a selected obliged entity is established.

4. The Authority shall be responsible for the establishment and the composition of joint supervisory teams. The Authority and the financial supervisors concerned shall appoint one or more persons from their staff as a member or members of a joint supervisory team. A member may be appointed as a member of more than one joint supervisory team.

5. The Authority and financial supervisors shall consult each other and agree on the use of staff with regard to the joint supervisory teams.

6. The Authority shall develop internal operational rules and procedures regarding the composition of joint supervisory teams, notably with regard to staff from each financial supervisor, the status of staff from financial supervisors and the allocation of human resources by the Authority to the joint supervisory teams, which shall ensure that those teams are composed of staff with a sufficient level of knowledge, expertise and experience, and with sufficiently diverse knowledge, backgrounds, expertise and experience.