Recital 10

(10)The European Supervisory Authorities (hereinafter collectively referred to as the ‘ESAs’) should replace the Committee of European Banking Supervisors established by Commission Decision 2009/78/EC ¹², the Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2009/79/EC ¹³ and the Committee of European Securities Regulators established by Commission Decision 2009/77/EC ¹⁴, and should assume all of the tasks and competences of those committees including the continuation of ongoing work and projects, where appropriate. The scope of each European Supervisory Authority’s action should be clearly defined. The ESAs should be accountable to the European Parliament and the Council. When that accountability relates to cross-sectoral issues that have been coordinated through the Joint Committee, the ESAs should be accountable, through the Joint Committee, for such coordination.