Follow Us

Follow us on Twitter  Follow us on LinkedIn
 

17 November 2010

Rat verabschiedet Gesetzestexte zur Gründung des European Systemic Risk Board und drei neuer Aufsichtsbehörden


Default: Change to:


The Council adopted legal texts underpinning a reform of the EU framework for supervision of the financial system, aimed at eliminating deficiencies that were exposed during the financial crisis.


It adopted regulations establishing a European Systemic Risk Board (ESRB), which will provide macro-prudential oversight of the financial system, and three new supervisory authorities at the micro-financial level, namely:
 
·         a European Banking Authority (EBA);
·         a European Insurance and Occupational Pensions Authority (EIOPA); and
·         a European Securities and Markets Authority (ESMA).
 
The four new bodies will be part of a European system of financial supervisors, which will include the supervisory authorities of the member states. The ESRB and the EIOPA will be sited in Frankfurt, the EBA in London and the ESMA in Paris.
 
The new system will be operational as from 1 January 2011.
 
Adoption by the Council follows an agreement reached with the European Parliament on the key elements of the reform, as endorsed by the Council at its meeting on 7 September.
 



© Council of the European Union


< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information



Add new comment