The proposal is expected to have budgetary implications as a consequence of a number of new tasks conferred to ESMA and EIOPA.
For ESMA, allocation of an additional 6 full time employees (FTE) is needed for its workload and to take on the tasks of developing and administering Value for Money benchmarks and gathering and processing data received from NCAs. ESMA will also require additional budget for operational expenditure of EUR 1.5 million for the first three years of implementation to cover IT costs and costs related to externally contracted consumer testing of new consumer- facing disclosure tools, as well as the setting up and administering of collaboration platforms for NCAs.
For EIOPA, these new tasks will require over time a total of 3 FTE to take on the tasks of developing and administering Value for Money benchmarks and gathering and processing data received from NCAs. EIOPA will also require additional budget for operational expenditure of EUR 1.26 million for the first thre
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