Brussels, 26/04/2013 (Agence Europe) - The European Commission has opened a consultation process that will run until Friday 19 July on the European financial supervision system.
The results of the consultation will provide important information on the effectiveness and efficiency of the three European supervisory authorities (ESAs, namely the European Securities Management Authority, ESMA, European Banking Authority and EIOPA, the occupational pensions authority) and the ESRB (European Systemic Risk Board) and will help the Commission prepare the relevant reports, to be published later this year.
The consultation questionnaire covers the ability of the European authorities to introduce a single rule book, coordinate the work of national supervisory bodies in the event of emergencies and ensure the emergence of a European supervisory approach. The Commission wants the opinion of interested parties on decision-making within the European financial supervision bodies, the way the private sector is consulted and the budget allocated to supervisory purposes.
The consultation will also look at cooperation between the three EU financial supervisory bodies and the ESRB in terms of detected risk to the financial system as a whole in the light of the gradual introduction of a eurozone bank supervision system under the aegis of the ECB.
A conference on financial supervision in the EU will be held in Brussels on Friday 24 May.
See also: http://ec.europa.eu/internal_market/consultations/2013/esfs/index_en.htm (MB/transl.fl)