European System of Financial Supervisors

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The European System of Financial Supervision is an institutional architecture of the EU's framework of financial supervision created in response to the financial crisis. First proposed by the European Commission in 2009, it replaced three existing Committees of Supervisors with three new authorities, called European Supervisory Authorities (ESAs): a European Banking Authority (EBA, taking over from the former Committee of European Banking Supervisors), a European Insurance and Occupational Pensions Authority (EIOPA, succeeding the Committee of European Insurance and Occupational Pensions Supervisors) and a European Securities and Markets Authority (ESMA, succeeding the Committee of European Securities Regulators). To complement this framework, there is also a European Systemic Risk Board (ESRB), under the responsibility of the European Central Bank.

Background[edit]

A deal to set up EBA in London, ESMA in Paris and EIOPA in Frankfurt received backing from the European Parliament in September 2010, after an initial agreement reached between the European Commission and member states in December 2009 had triggered parliamentary criticisms. The three institutions began operations on 1 January 2011.[1]

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