In January 2011, a new European system of financial supervision (ESFS) was established, replacing the former supervisory committees and creating three supervisory authorities (ESAs): European Banking Authority (EBA), European Securities and Markets Authority (ESMA) and European Insurance and Occupational Pensions Authority (EIOPA) and a macro-prudential supervisor, the European Systemic Risk Board (ESRB).
As required by the regulations that established the three ESAs the European Commission has started work on a general review of their structure, powers, roles, and performance. The Commission again consulted stakeholders on this review in March 2017 and is likely to introduce a new legislative proposal in the months that follow.
Invest Europe position
Given the importance of ESMA in setting the regulatory and supervisory framework in which private equity managers operate and of the other ESAs in shaping legislation directly affecting investors, Invest Europe has been actively involved in the review process since the start.
Invest Europe wants to ensure that the ESAs have the resources and expertise that they need to deliver high-quality regulatory oversight. Any proposals to reform their financing – such as industry funding as proposed by President Juncker – needs to avoid simply placing additional costs on those market participants who already contribute extensively to the costs of their supervision at national level.
Response to Consultation on the ESAs Review >
May 2017, Invest Europe
EC Consultation on the ESAs Review >
March 2017, European Commission
EC Report on ESAs Review >
August 2014, European Commission
EC, Public Consultation on ESAs 2013 >
July 2013, European Commission