European System of Financial Supervision
The European System of Financial Supervision (ESFS) is the framework for financial supervision in the European Union in operation since 2011. First proposed by the European Commission in 2009 in response to the financial crisis of 2007–2010, it created the European Supervisory Authorities and the European Systemic Risk Board. The European System of Financial Supervision is sometimes abbreviated ESFS.
European Supervisory Authorities
There are three European Supervisory Authorities (ESAs):
- The European Banking Authority (EBA) in London;
- The European Securities and Markets Authority (ESMA) in Paris; and
- The European Insurance and Occupational Pensions Authority (EIOPA) in Frankfurt.
European Systemic Risk Board
A deal to set up the 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 and replaced the Committees of Supervisors.
- The EBA replaced the Committee of European Banking Supervisors;
- ESMA replaced the Committee of European Securities Regulators; and
- EIOPA replaced the Committee of European Insurance and Occupational Pensions Supervisors.
- "Financial Supervision". European Commission. Retrieved 24 January 2015.
- "Europe seals deal on financial supervision" euobserver.com, 22 September 2010
- Regulation (EU) No 1092/2010
- Larosière report
- Commission, European financial supervision (2009)
- "Proposal for ... establishing a European Banking Authority" (pdf). European Commission. 2009-09-23. Retrieved 2011-01-15.
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