AIMA

Three new European Supervisory Authorities (ESAs) were created in January 2011. These Authorities replace the committees of European regulators and supervisors - CESR, CEBS and CEIOPS.

The ESAs have been mandated to contribute to financial stability and improve the functioning of the internal market by creating an integrated supervisory framework.  The responsibility for day-to-day supervision of financial institutions remains largely with the national authorities of EU Member States.  ESAs will act as umbrella organisations that, in addition to their basic coordination and advisory roles, may be given additional specific tasks in EU legislation.  ESAs will, inter alia, provide advice to the European Commission, develop draft binding technical standards, issue guidance and recommendations to national supervisors.  In exceptional circumstances, ESAs may also take binding decisions in relation to individual financial institutions.

The ESAs are:

• European Securities and Markets Authority (ESMA);
• European Banking Agency (EBA); and  
• European Insurance and Occupational Pensions Authority (EIOPA).

ESMA replaces the Committee of European Securities Regulators (CESR) and is an independent Authority charged with ensuring the integrity, transparency and efficiency of the Securities markets and the consistent treatment of investors through effective regulation and supervision across the EU. ESMA also contributes to the single European rule book and prevention of regulatory arbitrage by facilitating supervisory co-operation between national regulators across numerous financial sectors including asset management. 

ESMA was established and is governed by Regulation EU 1095/2010.

Official documents

Commission webpage on Supervision 

European Commission Communication on European financial Supervision (May 2009)

European Commission Communication - Driving European Recovery (March 2009)

The De Larosiere Group High Level Report on Financial Supervision (February 2009)

AIMA documents

Response to European Commission Communication on European Financial Supervision (July 2009)

Response to High Level Group on Financial Supervision (April 2009)