The European Commission launched on Friday 12 March a targeted public consultation on the functioning of the European Financial Supervisory Authorities (ESAs).
The consultation aims to take stock of supervisory practices between national supervisors, supervisory convergence and the practical operation of European rules, the Commission explains.
In particular, the institution is seeking stakeholders' views on certain aspects of the 2019 review of the European financial supervisory architecture (see EUROPE 12219/6), such as changes to existing tools, new tasks or governance changes.
Note that the Commission also refers to the ‘Wirecard’ scandal (see EUROPE 12558/4) and asks in this respect how supervision in the field of auditing and financial reporting could be improved.
In its Capital Markets Union Action Plan, presented in September (see EUROPE 12562/9), the European Commission had indeed announced its intention to assess, in 2021, the need for further harmonisation of EU capital markets rules and whether convergence powers are being used effectively under current governance. It did not exclude, if necessary, proposing additional measures.
The responses received will feed into an ESA review report, which is required by the founding regulations of the ESAs themselves. Interested parties have until 21 May to send their comments to: https://bit.ly/3bGftl5 (Original version in French by Marion Fontana)