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EBA, in order to ensure a legally sound environ-
ment for the Authority, whereby it identified pos-
sible legal problems associated with the EBA’s
activities. The unit provided constant monitor-
ing and implementation of laws applicable to
the Authority to prevent it from incurring legal
risks and developed solutions for them. The
unit also ensured the proper interpretation and
implementation of primary and secondary le­
gislation applicable or pertaining to the EBA
and its activities, and ensured the regularity and
legality of the Authority’s measures.
5.4.2. Governing bodies
The Legal Unit also managed and oversaw the
overall functioning of the Board of Supervisors
and the Management Board, the two main
governing bodies of the EBA.
The Board of Supervisors
The Board of Supervisors is the main govern-
ing body of the Authority. It provides guidance
to the work of the Authority within the EBA’s
governance structure. The Board of Supervi-
sors is the final decision-making body that
gives its agreement to the implementation
of the tasks assigned to the Authority by the
EBA’s founding regulation.
Pursuant to Article 40 of the EBA regulation,
the Board of Supervisors is composed of the
Chairperson and the 27 national supervisory
authorities, where applicable accompanied by
a representative of the national central bank,
with observers from the European Commis-
sion (EC), the European Systemic Risk Board
(ESRB), the European Central Bank (ECB), the
European Securities and Markets Authority
(ESMA) and the European Insurance and Oc-
cupational Pension Authority (EIOPA).
During 2012, the Board of Supervisors met 11
times. Seven of these meetings were physi-
cal meetings and four of them took place via
conference calls. The level of participation
at the Board of Supervisors meetings during
2012 has been significantly high. Croatia is al-
ready participating in the Board of Supervisors
meetings as an observer during the interim
period until its accession as an EU Member
State on 1 July 2013, whereby it will participate
as a full voting member.
A significant number of decisions related to
the core functions of the EBA were adopted
by the Board of Supervisors throughout 2012.
Twenty-seven decisions were adopted by writ-
ten procedure (three of them were approved by
qualified majority voting; the rest of the deci-
sions were adopted via written procedures by
simple majority voting). Moreover, six guide-
lines and one technical standard were also
adopted at the Board of Supervisors’ physical
meetings during 2012. The conclusions of the
Board of Supervisors’ meetings, (both physical
and conference calls) are minuted, including
how decisions were assessed, and are subse-
quently published on the EBA webpage.
In July 2012 an Away Day meeting was organ-
ised in Dublin, where voting members were in
attendance. This particular meeting proved to
be an opportunity for the Board of Supervisors
voting members to exchange views and openly
discuss supervisory issues such as lessons
learnt from the crisis.
The Management Board
The Management Board is composed of six
members elected from the Board of Super­
visors by and from its members. The EBA
Chairperson is also a member of and chairs
the Management Board. The Executive Director
and a representative from the European Com-
mission attend as non-voting participants (ex-
cept that the European Commission will have
a vote on budget matters).
As established in the EBA founding regula-
tion, the Management Board ensures that the
EBA carries out its mission and performs the
tasks assigned to it. Acting within this scope,
in 2012, the Management Board met six times
physically and had three conference calls.
During 2012, all tasks assigned to the Manage-
ment Board by the EBA founding regulation
had been accomplished, such as the adoption
of the work programme 2013, the implemen-
tation of a significant number of decisions
related to the HR implementing rules. The
Management Board also exercised its budget-
ary powers as regards, inter alia, the draft pre-
liminary budget for 2013, the EBA budgetary
surplus for 2013 and the Internal audit service
(IAS) strategic audit plan 2012–15.