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Financial Supervision

In order to put into action the conclusion of the European Council and Euro Area summit at the end of June 2012, on 12 September 2012 the Commission adopted a set of legislative proposals on the establishment of a single supervisory mechanism for banks led by the European Central Bank. The set was accompanied by a Communication on a roadmap for completing the banking union over the coming years.

Already 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.

The three European supervisory authorities (ESAs) and a European Systemic Risk Board (ESRB) were established as from January 2011 to replace the former supervisory committees.

Review of the European System of Financial Supervision (ESFS) (2013)

The regulations establishing the European Supervisory Authorities (ESAs) and the European Systemic Risk Board (ESRB) include provisions for the Commission to review their structure and performance within the ESFS and the ESFS as a whole.

A consultation was launched on 26.04.2013 in the framework of the review process:

The Commission also organised a high-level conference on Financial Supervision in the EU on 24 May 2013 in Brussels.

Reforming the European financial supervision system (2009–2011)

 Setting up the new supervisory authorities

01.01.2011 – The three new European Authorities for the supervision of financial activities start their work

 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.

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

Cross-border mergers and acquisitions

11.02.2013 – Report from the Commission: Application of Directive 2007/44/EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector

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