Article 40
Composition
1.
The Board of Supervisors shall be composed of:
(a)
the Chairperson;
(b)
the head of the national public authority competent for the supervision of financial market participants in each Member State, who shall meet in person at least twice a year;
(c)
one representative of the Commission, who shall be non-voting;
(d)
one representative of the ESRB, who shall be non-voting;
(e)
one representative of each of the other two European Supervisory Authorities who shall be non-voting;
2.
The Board of Supervisors shall convene meetings with the Securities and Markets Stakeholder Group regularly, at least twice a year.
3.
Each competent authority shall be responsible for nominating a high-level alternate from its authority, who may replace the member of the Board of Supervisors referred to in paragraph 1(b), where that person is prevented from attending.
4.
In Member States where more than one authority is responsible for the supervision according to this Regulation, those authorities shall agree on a common representative. Nevertheless, when an item to be discussed by the Board of Supervisors does not fall within the competence of the national authority being represented by the member referred to in paragraph 1(b), that member may bring a representative from the relevant national authority, who shall be non-voting.
5.
For the purpose of acting within the scope of Directive 97/9/EC, the member of the Board of Supervisors referred to in paragraph 1(b) may, where appropriate, be accompanied by a representative from the relevant bodies which administer investor compensation schemes in each Member State, who shall be non-voting.
For the purpose of acting within the scope of Regulation (EU) 2021/23, the member of the Board of Supervisors referred to in point (b) of paragraph 1 may, where appropriate, be accompanied by a representative from the resolution authority in each Member State, who shall be non-voting.
6.
The Board of Supervisors may decide to admit observers.
The Executive Director may participate in meetings of the Board of Supervisors without the right to vote.
7.
Where the national public authority referred to in point (b) of paragraph 1 is not responsible for the enforcement of consumer protection rules, the member of the Board of Supervisors referred to in that point may decide to invite a representative from the Member State’s consumer protection authority, who shall be non-voting. In the case where the responsibility for consumer protection is shared by several authorities in a Member State, those authorities shall agree on a common representative.