European System of Financial Supervision
The European System of Financial Supervision (ESFS) is the framework for financial supervision in the European Union that has been in operation since 2011. The system consists of the European Supervisory Authorities (ESAs), the European Systemic Risk Board, the Joint Committee of the European Supervisory Authorities, and the national supervisory authorities of EU member states. It was pr
Overview
The European System of Financial Supervision (ESFS) is the framework for financial supervision in the European Union that has been in operation since 2011. The system consists of the European Supervisory Authorities (ESAs), the European Systemic Risk Board, the Joint Committee of the European Supervisory Authorities, and the national supervisory authorities of EU member states. It was proposed by the European Commission in 2009 in response to the 2008 financial crisis. There are three ESAs. They are responsible for microprudential oversight at the European Union level:
The European Banking Authority (EBA) in Paris; The European Securities and Markets Authority (ESMA) in Paris; and The European Insurance and Occupational Pensions Authority (EIOPA) in Frankfurt. To complement these authorities, the European Systemic Risk Board (ESRB) is responsible for macroprudential oversight across the European Union. It includes representatives from the European Central Bank (ECB), national central banks and supervisory authorities of EU member states, and the European Commission. The ESRB is based at the ECB in Frankfurt.
History
The European Parliament, in September 2010, backed a deal to set up the European System of Financial Supervision replacing the Committees of Supervisors. The deal set up the EBA in London, ESMA in Paris and EIOPA in Frankfurt, after an initial agreement reached between the European Commission and member states in December 2009 had triggered parliamentary criticisms. The three institutions began operations on 1 January 2011 and replaced the Committees of Supervisors.
The EBA replaced the Committee of European Banking Supervisors; ESMA replaced the Committee of European Securities Regulators; and EIOPA replaced the Committee of European Insurance and Occupational Pensions Supervisors.
See also
Financial regulation Capital Markets Union Banking Union
Further reading
Regulation (EU) No 1092/2010 Larosière report Commission, European financial supervision (2009) "European financial supervision" (PDF). European Commission. 27 May 2009. Retrieved 15 January 2011. "Proposal for ... establishing a European Banking Authority" (PDF). European Commission. 23 September 2009. Retrieved 15 January 2011. "Proposal for ... establishing a European Insurance and Occupational Pensions Authority" (PDF). European Commission. 23 September 2009. Retrieved 15 January 2011. "Proposal for ... establishing a European Securities and Markets Authority" (PDF). European Commission. 23 September 2009. Retrieved 15 January 2011. "Proposal for ... Community macro prudential oversight of the financial system and establishing a European Systemic Risk Board" (PDF). European Commission. 23 September 2009. Retrieved 15 January 2011. "Proposal for a COUNCIL DECISION entrusting the European Central Bank with specific tasks concerning the functioning of the European Systemic Risk Board" (PDF). European Commission. 23 September 2009. Retrieved 15 January 2011.
External links
Financial Supervision European Commission European System of Financial Supervision (ESFS) European Parliament European Supervisory Framework ESMA European Supervisory Authorities (ESAs) Financial Conduct Authority (United Kingdom) European engagement and legislation Bank of England
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