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European System of Financial Supervision

European financial organization

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1353278509 · 2026-05-09T08:59:45Z
Key vocabulary

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European27 uses in this article Financial9 uses in this article Authorities6 uses in this article Supervision6 uses in this article Supervisory6 uses in this article Commission5 uses in this article Authority4 uses in this article Committee4 uses in this article Union5 uses in this article System4 uses in this article Frankfurt3 uses in this article Banking3 uses in this article member3 uses in this article Occupational2 uses in this article responsible2 uses in this article Parliament2 uses in this article regulation2 uses in this article framework2 uses in this article Insurance2 uses in this article oversight2 uses in this article

Overview

The European System of Financial Supervision (ESFS) is the framework for financial supervision in the European Union that has been in operation since 2011. The system consists of the European Supervisory Authorities (ESAs), the European Systemic Risk Board, the Joint Committee of the European Supervisory Authorities, and the national supervisory authorities of EU member states. It was proposed by the European Commission in 2009 in response to the 2008 financial crisis. There are three ESAs. They are responsible for microprudential oversight at the European Union level: * The European Banking Authority (EBA) in Paris; * The European Securities and Markets Authority (ESMA) in Paris; and * The European Insurance and Occupational Pensions Authority (EIOPA) in Frankfurt.

To complement these authorities, the European Systemic Risk Board (ESRB) is responsible for macroprudential oversight across the European Union. It includes representatives from the European Central Bank (ECB), national central banks and supervisory authorities of EU member states, and the European Commission. The ESRB is based at the ECB in Frankfurt.

History

The European Parliament, in September 2010, backed a deal to set up the European System of Financial Supervision replacing the Committees of Supervisors. The deal set up the EBA in London, ESMA in Paris and EIOPA in Frankfurt, after an initial agreement reached between the European Commission and member states in December 2009 had triggered parliamentary criticisms. The three institutions began operations on 1 January 2011 and replaced the Committees of Supervisors. * The EBA replaced the Committee of European Banking Supervisors; * ESMA replaced the Committee of European Securities Regulators; and * EIOPA replaced the Committee of European Insurance and Occupational Pensions Supervisors.

See also

* Financial regulation *Capital Markets Union *Banking Union

Further reading

* Regulation (EU) No 1092/2010 * Larosière report * Commission, European financial supervision (2009) * * * * * *

External links

* Financial Supervision European Commission * European System of Financial Supervision (ESFS) European Parliament * European Supervisory Framework ESMA * European Supervisory Authorities (ESAs) Financial Conduct Authority (United Kingdom) * European engagement and legislation Bank of England sv:Europeiska systemet för finansiell tillsyn

History & culture

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