Brussels, 12/03/2014 (Agence Europe) - The European Parliament has made recommendations to improve the Community financial supervision system, which is made up of three European supervisory authorities (ESAs) in the financial (ESMA), banking (EBA) and insurance sectors (EIOPA), as well as the European Systemic Risk Board (ESRB).
In their adoption of the draft report by Sven Giegold (Greens/EFA, Germany), MEPs are calling on the Commission to submit legislative proposals to them, by 1 July, aiming to review these regulations implementing these European authorities.
According to the Parliament, the European financial supervision system should be more adapted to the single banking resolution mechanism (SRM) by laying down a series of measures. These should include: - expanding the mandate of all European financial supervisory authorities as regards (non-) binding mediation; - extending the mandate of the ESAs to allow them to carry out stress tests; - granting the ESAs an independent budgetary envelope (as is the case for the European Data Protection Controller) paid for by market players and the EU budget; - reintroducing the same voting rules for all ESAs; - strengthening the independence of the ESAs from the European Commission; - increasing the investigative powers of the European authorities; - bringing in direct supervision by the ESAs of closely integrated pan-European entities or activities; - calling on the Commission, when it does not enshrine draft technical implementing standards for the ESAs, to publish the reasons for this together with a reasoned cost-benefit analysis. (MB)