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17 ERA F. 1 (2016)

handle is hein.journals/erafrum17 and id is 1 raw text is: ERA Forum (2016) 17:1 3 DOI 10.1007/s12027-016-0420-9 CossMark ED > $iIA Training and exchange of best practices as a tool towards supervisory convergence Robbert Jaspers' E RA UR!OPAiSCHE RECHTEMAODEME ACADEMY OF EUROPEAN LAWY Published online: 14 July 2016 © ERA 2016 TRR-TRRERI One of the missions of the European Supervisory Authorities established within the framework of the European System of Financial Supervision is fostering supervi- sory convergence across the EU. In that sense, recital 40 of Regulation 1095/2010 establishing the European Securities Markets Authority (ESMA)l states that ESMA should actively foster supervisory convergence across the Union with the aim of es- tablishing a common supervisory culture. Similar statements can be found in the reg- ulations establishing the European Insurance and Occupational Pensions Authority (EIOPA)2 and the European Banking Authority (EBA).3 So, what does supervisory convergence mean? The ultimate aim of furthering su- pervisory convergence is to establish a common supervisory culture. This common supervisory culture is needed as merely focusing on creating a single rulebook is not 1Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC, OJ L 331 of 15 December 2010, pp. 84-119. 2Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 es- tablishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC, OJ L 331 of 15 December 2010, pp. 48-83, at recital 39. 3Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC, OJ L 331 of 15 December 2010, pp. 12- 47, at recital 40. [ R. Jaspers rjaspers(@era.int 1 Business Law, Metzer Allee 4, 54295 Trier, Germany 4E Springer