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By Thomas Papadopoulos
In September 2009, the European Commission (‘the Commission’) brought forward proposals to replace the EU’s existing supervisory architecture with a European System of Financial Supervision (‘ESFS’), consisting of three European Supervisory Authorities — the European Banking Authority (‘EBA’), the European Securities and Markets Authority (‘ESMA’), and the European Insurance and Occupational Pensions Authority (‘EIOPA’) (hereinafter collectively referred to as the ‘ESAs’) — as well as the European Systemic Risk Board (‘ESRB’), the Joint Committee of the European Supervisory Authorities and the competent or supervisory authorities in the Member States. The ESAs and the ESRB were established in January 2011 and their main role is to upgrade the quality and consistency of national supervision, to strengthen oversight of cross-border groups, to establish a European single rule-book applicable to all financial institutions in the financial market, as well as to prevent and mitigate systemic risks to the financial stability of the European Union (European Commission–Europa MEX/13/0426).
Full Content: SSRN
