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Financial Supervision

Overview

In September 2009 the Commission brought forward proposals to replace the EU's existing supervisory architecture with a European system of financial supervisors (ESFS), consisting of three European Supervisory Authorities – a European Banking Authority, a European Securities and Markets Authority, and a European Insurance and Occupational Pensions Authority. They will:

  • help restore confidence;
  • contribute to the development of a single rulebook;
  • solve problems with cross-border firms;
  • prevent the build-up of risks that threaten the stability of the overall financial system.

On 22 September 2010, the European Parliament – following agreement by all Member States - voted through the new supervisory framework proposed by the Commission. This was confirmed by the ECOFIN Council on 17 November 2010. Three European supervisory authorities (ESAs) and a European Systemic Risk Board (ESRB) were established as from January 2011 to replace the former supervisory committees.

Reforming the European financial supervision system

Setting up the new supervisory authorities

Additional legislative proposals (January 2011)

Following the launch of the new supervisory authorities, the Commission adopted legislative proposals further clarifying the powers of the new authorities, particularly in the insurance sector.

Publication of the legislative texts (December 2010)

Vote of the European Parliament and the Council (September  / November 2010)

Commission legislative proposals (September 2009)

Related documents

Preparing the reform

Commission Communication (May 2009)

Public consultation

Conference on a new supervisory architecture in Europe (Brussels, May 2009)

As part of the consultation process, the conference enabled wide and open discussion on the reform of the European supervisory framework and provided the Commission with valuable suggestions to improve the quality of its proposals.

  • Programme PDF - 17 KBEnglish
  • Speeches
    • Welcome – Mr J. Holmquist, DG Internal Market and Services PDF - 17 KBEnglish
    • Keynote – Commissioner C. McCreevy PDF - 17 KBEnglish
    • Mrs. A. Obolensky – EBF PDF - 17 KBEnglish
    • Mr. F. Zunzunegui – Fin-Use PDF - 17 KBEnglish
    • Mr. O. Roethig – UNI-Europa Finance PDF - 17 KBEnglish
    • Presidency – Mr J. Król PDF - 17 KBEnglish
    • Mrs M. Koller – CEA PDF - 17 KBEnglish
    • Mr. R. Maisera – de Larosière Group PDF - 17 KBEnglish
    • Mr. K.- P. Schackmann-Fallis – ESBG PDF - 17 KBEnglish
    • Mr. M. Knight – Deutsche Bank PDF - 17 KBEnglish
    • Mr. G. Carosio – Banca d’Italia PDF - 17 KBEnglish
    • Mr. E. Wymeersch – CESR PDF - 17 KBEnglish
    • Mr. P. Brady – Joint Committee on Financial Conglomerates PDF - 17 KBEnglish
    • Mr. J. Taylor – LIBA PDF - 17 KBEnglish
    • Mr. M. Grande – ECB PDF - 17 KBEnglish
    • European Parliament - Mrs Pervenche Berès, Chair of the Committee on Economic and Monetary Affairs PDF - 17 KBEnglish
    • Closing remarks of Mr. M. Buti – DG Economic and Financial Affairs PDF - 17 KBEnglish

Report on financial supervision in the EU (De Larosière report) - March 2009

Cross-border mergers and acquisitions

08.12. 2011 - Public consultation on the application of Directive 2007/44/EC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Last update: 08-12-2011