AIMA

The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

European Supervisory Authorities

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)

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Sub Menu

  1. AIMA's Policy Principles
  2. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
      2. European Capital Markets Regulation
      3. MiFID / MiFIR
      4. UCITS
        1. ETFs and Structured UCITS
      5. Venture Capital
    2. US Hedge Fund Adviser Regulations
      1. Registration and Reporting
      2. Incentive-Based Compensation
      3. JOBS Act
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Regulation of NBFCs / SIFIS
    6. Supervision
      1. UK regulatory reform
      2. European Supervisory Authorities
      3. US Self-Regulatory Organisations
    7. Remuneration
      1. UK
      2. US
      3. CRD IV and CRR
      4. AIFMD
      5. MiFID
    8. Shadow Banking
    9. Volcker Rule
    10. Other
  3. Markets Regulation
    1. Bank/Capital Regulation
      1. Capital Requirements Directive
      2. EU Bank Structural Reforms
    2. Derivatives/Clearing
      1. EMIR
        1. EMIR Level 1
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        3. EMIR UK Implementation
        4. ESMA technical advice on equivalence
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Dodd-Frank Act Title VII
      5. Hong Kong
      6. IOSCO
      7. Singapore
    3. High Frequency Trading
      1. ESMA Guidelines
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
      6. Germany
      7. CFTC Automated Trading
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
      1. MAD / MAR
      2. Indices as Benchmarks
    6. Position Limits
      1. MiFID / MiFIR
      2. CFTC Position Limits
    7. Resolution of Financial Institutions
      1. Europe
        1. EU Bank Recovery and Resolution Directive
        2. EU Non-Bank Recovery and Resolution
      2. CPSS-IOSCO
      3. Financial Stability Board
      4. UK
      5. USA
    8. Short Selling
      1. EU Short Selling Regulation
        1. SSR Docs
          1. SSR Level 1 - Consultations, legislative process and releated AIMA documents
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      2. Hong Kong Short Selling Regulation
      3. US Short Selling Regulation
      4. Short Selling Bans
    9. Securities Settlement
    10. Shadow Banking
      1. International Shadow Banking
      2. EU Shadow Banking
    11. Trading
      1. MiFID / MiFIR
        1. MiFIDII MiFIR Level 1 Consultations, legislative process and related AIMA documents
        2. MiFIDII MiFIR Level 2 Consultations, legislative process and related AIMA documents
      2. Dodd-Frank Act
  4. Tax Affairs
    1. EU Savings Directive
    2. FAIFs and FINROFs
    3. FATCA
    4. FIN 48 and IAS 12
    5. Financial Transaction Tax
    6. Investment Manager Exemption
    7. UK Offshore Funds Regime
    8. Other
  5. Search
  6. Resources
    1. Guidance Notes
    2. Jurisdictional Guides
    3. Noticeboard
      1. FATCA
      2. Other Hot Asset Management Topics
      3. Other Hot Markets Topics
      4. UK Partnership Tax Review
      5. Volcker Rule
    4. Hedge Fund Manager Training
    5. Quarterly Regulatory Update
    6. Webinar Programme