The European Union has established three supervisory authorities (ESAs) in the financial sector: the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) as well as a macroprudential supervisor, the European Systemic Risk Board (ESRB). Together they form the European System of Financial Supervision (ESFS) which was most recently revised in 2019. The three supervisory authorities play an important role in ensuring supervisory convergence – through the drafting of guidelines and Q&As – and support the legislators in preparing regulatory technical standards for EU legislation.
Being responsible for asset management issues, including the AIFMD, ESMA is the most important supervisory authority for Invest Europe members. Over the past few years, ESMA has produced guidance on topics including leverage, remuneration, outsourcing and delegation (in the context of Brexit). It has also played a role in ensuring that member states do not impose undue host fees and charges on fund managers. EBA and EIOPA also act as supervisors of banks, insurers and pension funds, all important investors in private equity.
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