Recital 14

(14)Before submitting the draft technical standards on which this Regulation is based, ESMA has consulted the European Banking Authority (EBA), the European Insurance and Occupational Pension Authority (EIOPA), the European Systemic Risk Board (ESRB), and the members of the European System of Central Banks (ESCB). ESMA has conducted open public consultations on those draft regulatory technical standards, analysed the potential related costs and benefits, taken into account the overarching simplification agenda of the Commission, in particular with respect to reporting requirements, and requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council ² ,