The GBIC is of the opinion that the current system of financial supervision, which comprises the ESAs and the national competent authorities (NCAs), should generally remain in place, as it best suits the different market structures of the Member States.
In
spring 2021, the European Commission launched a public consultation on
the ESAs, which marks the start of the current ESA review. The regular
ESA reviews provide an opportunity to assess and to improve on the
regulatory framework as well as the practice of the European Banking
Authority (EBA), the European Securities and Markets Authority (ESMA)
and the European Insurance and Occupational Pensions Authority (EIOPA).
The GBIC is of the opinion that the current system of financial
supervision, which comprises the ESAs and the national competent
authorities (NCAs), should generally remain in place, as it best suits
the different market structures of the Member States. The NCAs have
in-depth knowledge of the specifics of the respective national markets
and thus the necessary regulatory expertise. The 2019 ESA review
provided meaningful and sufficient adjustments to the ESA’s mandate, and
the GBIC currently does not see the need for additional elements.
We are also of the opinion that the process for ESA Q&As must be
improved, as the Q&As issued by the ESAs, while not formally
binding, achieve almost legal status in practice. Most importantly,
Q&As must be fully in line with Level 1 and Level 2 texts. Another
improvement would be to consult important Q&As beforehand. In
addition, it must be possible to have the answers of the ESAs reviewed
by an external body.
BDB
© BDB - Bundesverband Deutscher Banken
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