European Commission Launches Consultation on Operation of Supervisory Authorities

April 2017

The European Commission (Commission) has launched a public consultation on the operation of the European Supervisory Authorities (ESAs), including the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA), and the European Insurance and Occupational Pensions Authority (EIOPA). The comment deadline is 16 May 2017.

The ESAs have taken a pivotal role in adopting reforms in the wake of the financial crisis and in ensuring that financial markets across the European Union (EU) are well regulated and stable. The ESAs have also contributed to the building of the Single Rulebook for financial services (banking, insurance and capital markets) and to the convergence of supervisory practices, to provide a financial framework for the EU Single Market and to underpin the creation of the Banking Union.

With this consultation, the Commission is seeking to identify areas where operation of the ESAs, including their effectiveness and efficiency, can be strengthened and improved. The Commission believes that more co-ordinated and integrated supervision will be increasingly important in the future, particularly relating to development and integration of EU capital markets through the Capital Markets Union.

The Commission has requested comments from: stakeholders, including the ESAs; financial institutions and other market participants; national supervisors of financial institutions and market participants; national ministries; non-governmental organisations; other European institutions, including the EU Parliament and Council and co-legislators; and citizens and other organisations.

Interested stakeholders can respond to the consultation through a questionnaire on the Commission’s website. The Commission has provided a consultation document as well as other reference documents.

Detailed information on the Consultation, including links to the reference documents, the consultation paper and the questionnaire, is available on this link.

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