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European system for financial supervision



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.

How does it affect private equity?

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.

EU financial supervision library

Positions & consultation responses

Response to EC Consultation on ESAs review

21 May 2021
Download PDF 482.78 KB

PAE-Invest Europe response to ESMA consultation on undue short-term pressure from the financial sector on corporations

17 Jul 2019
Download PDF 299.51 KB
Positions & consultation responses

Response to European Supervisory Authorities Review Consultation

16 May 2017
Download PDF 439.38 KB
Positions & consultation responses

Response to Capital Markets Union Mid-Term Consultation

17 Mar 2017
Download PDF 446.9 KB
Positions & consultation responses

Response to European Commission Call for Evidence on EU Regulatory Framework for Financial Services

31 Jan 2016
Download PDF 474.66 KB
Positions & consultation responses

EVCA-PAE Response to Green Paper on Capital Markets Union

13 May 2015
Download PDF 1.11 MB
Positions & consultation responses

EC Green Paper on Capital Markets Union

18 Feb 2015
Download PDF 235.29 KB

Global Shadow Banking Stability Report 2014

30 Oct 2014
Download PDF 1.64 MB

EC Report on ESAs Review

08 Aug 2014
Download PDF 335.35 KB

Strengthening Oversight and Regulation of Shadow Banking

29 Aug 2013
Download PDF 132.74 KB
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Meet the team

Public Affairs

Martin Bresson Image

Martin Bresson

Public Affairs

Public Affairs Director

Erika Blanckaert Image

Erika Blanckaert

Public Affairs

Senior Public Affairs Manager

Xandra Hjort Image

Xandra Hjort

Public Affairs

Public Affairs Officer

Conor Quinn Image

Conor Quinn

Public Affairs

Public Affairs Officer

Christophe Verboomen Image

Christophe Verboomen

Public Affairs

Public Affairs Manager


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