Answers to the European Commission on the ... - Eiopa - Europa

Review of Effective Financial Services Supervision', are also taken
in<strong>to</strong> account, insofar as <strong>the</strong>y are available;
• on-site assessment: On-site assessments may last up <strong>to</strong> one
week. Examination of supervisory practice procedures should be
given <strong>to</strong>p priority during this time;
• post-processing phase: The information and experiences obtained
are collected by <strong>the</strong> Review Panel and summarised in a report in
<strong>the</strong> post-processing phase. The authorities concerned are able <strong>to</strong>
review <strong>the</strong> report.
Choosing <strong>the</strong> supervisory authority <strong>to</strong> be reviewed
17.34 ’Peer review is a co-operative process conducted on a voluntary basis
aiming for supervisory convergence. Among those supervisory
authorities which have volunteered, <strong>the</strong> Review Panel proposes a
selection <strong>to</strong> be assessed, which must be approved by CEIOPS. This
selection must take in<strong>to</strong> account a number of different criteria:
Peer review report
• <strong>the</strong> quality of <strong>the</strong> anticipated supervisory implementation of <strong>the</strong>
guidelines <strong>to</strong> be examined;
• <strong>the</strong> scope of <strong>the</strong> anticipated alternative implementation of <strong>the</strong>
guidelines <strong>to</strong> be examined;
• a schedule, on <strong>the</strong> basis of which all supervisory authorities are
subjected <strong>to</strong> a peer review, according <strong>to</strong> <strong>the</strong> capacities of <strong>the</strong>
domestic supervisory authorities.
Confidentiality and structure of <strong>the</strong> report (restricted use)
17.35 The assessment team produces a final report at <strong>the</strong> end of each peer
review. This contains <strong>the</strong> experiences obtained during <strong>the</strong> execution of
<strong>the</strong> self-assessments and as part of any on-site assessments, as well
as <strong>the</strong> self-assessment questionnaires of <strong>the</strong> supervisory authorities
and <strong>the</strong> individual reports of <strong>the</strong> on-site assessment teams, as
reviewed by <strong>the</strong> authorities concerned. Peer review reports must be
treated in strict confidence and are only available <strong>to</strong> <strong>the</strong> Review Panel
and members of CEIOPS, though <strong>the</strong>y may ultimately be published with
<strong>the</strong> agreement of members.
Consequences and recommendations (conclusions and follow-up measures in
response <strong>to</strong> <strong>the</strong> final report)
17.36 CEIOPS uses <strong>the</strong> final reports from peer reviews as <strong>the</strong> basis for
drawing up or improving its standards, guidelines and
recommendations. Individual members may also use <strong>the</strong> reports as a
200