The purpose of the consultation is twofold: to gather evidence on the operations of the ESAs to evaluate their operations and to see whether they are delivering as expected considering their objectives to protect the public interest by contributing to the short, medium and long-term stability and effectiveness of the financial system, for the Union economy, its citizens and business and to build a clearer overview of areas where going forward the effectiveness and efficiency of the ESAs can be strengthened and improved.
The ESAs are a cornerstone of the reforms put in place in the wake of the financial crisis. They have played a key role in ensuring that the financial markets across the EU are well regulated, strong and stable. Since their establishment, the ESAs have contributed to the building of the Single Rulebook for financial services (banking, insurance and capital markets) and to the convergence of supervisory practices, in order to ensure a robust financial framework for the Single Market and to underpin the creation of the Banking Union. Our aim now is to identify areas where the effectiveness and efficiency of the ESAs can be strengthened and improved. More coordinated and integrated supervision will be increasingly important in future, notably to develop and integrate EU capital markets through Capital Markets Union. Valdis Dombrovskis, Vice-President responsible for Financial Stability, Financial Services and Capital Markets Union, said: “The EU needs to step up its efforts to build more integrated, efficient and stable financial markets so that it is equipped to deal with new challenges. Sound and efficient financial supervision is key to this goal. In the six years following the crisis, the European Supervisory Authorities have carried out important work in developing a Single Rulebook for financial services. I want to hear from all stakeholders about how we can ensure that these Authorities have the most impact in supporting greater convergence of supervisory practices in our Member States”. A general review of the ESAs is foreseen for this year and mandated by their founding Regulations.
The consultation will run until 16 May 2017.
Press release
Full consultation
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