Brussels, 25/09/2014 (Agence Europe) - On Tuesday 23 September, the presidents of the three European financial supervision authorities (ESAs) warned the MEPs of the committee on economic and monetary affairs of the impact of the constraints brought in by the 2015 budget on their activities.
The President of the European Banking Authority (EBA), Andrea Enria, highlighted the growing imbalance between the regulatory competencies exercised by the ESAs and the resources available to ensure compliance with these rules, according to a European Parliament press release.
The President of the European Securities and Markets Authority (ESMA), Steven Maijoor, suggested the creation of a specific budgetary line for the ESAs and called for contributions from the financial institutions supervised by the ESMA, such as ratings agencies.
A Commission report published in August reveals a shortfall of financial resources available to the three ESAs. Of these resources, 60% are fed in by the member states and 40% come from the EU budget (see EUROPE 11135). The report makes suggestions on the question of the funding of the ESAs: reviewing the distribution of the available funding, bringing in a specific budgetary line, introducing fees or fixed contributions to be paid in by market players. (MB)