The European Commission is running a consultation until Tuesday 16 May on a possible reform of the European financial supervisory system, which is made up of the three supervisory authorities covering the financial markets (ESMA), and the banking (EBA) and insurance (EIOPA) industries.
The three authorities, which have been up and running since 2011, have fed into the emergence of a body of standardised rules and have helped to promote the convergence of practices in the field of financial supervision. They also have powers to resolve conflicts between the national supervisors that make up their membership.
However, their lack of resources to carry out their duties appropriately is regularly mentioned (see EUROPE 11135, 11195). Additionally, the prospect of the UK, the largest financial market in Europe, leaving the European Union in 2019 will require the job of the three financial supervisory authorities to change. They have been heavily involved in the Commission's work to grant equivalency of third-country legislation with the European rules.
This consultation exercise comes as part of the assessment process, scheduled for this year, of the regulations instituting the three European authorities.
The questionnaire (in English) can be seen at: http://bit.ly/2n9IU5J . (Original version in French by Mathieu Bion)