Consultation and transparency are essential elements of EIOPA's functioning. The creation of a robust regulatory framework for supervision and the adoption of effective supervisory practices rely both on a clear and complete knowledge of market situations and needs, and on a wide sharing of the regulatory and supervisory policy.
EIOPA, at an early stage, consults interested parties in preparing advice to the European Commission and also in drafting its own recommendations, guidelines and standards. In general, it adopts an extensive degree of disclosure in fulfilling its duties, using appropriate means of communication, within the limits of secrecy and confidentiality constraints inherent in supervisory activity and which are established by EU legislation.
With this in mind, EIOPA drafted its Public Statement of Consultation Practices, adopted in June 2011.
In practical terms, EIOPA is committed to consult (before and after the drafting of each consultation paper) market participants, consumers and end users, in four different ways: