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ESRB European Systemic Risk Board holds inaugural meeting

The General Board of the European Systemic Risk Board (ESRB) held its inaugural meeting today at the European Central Bank (ECB) in Frankfurt am Main.

20 January 2011: the European Systemic Risk Board (ESRB)

The legislation establishing the European Systemic Risk Board (ESRB) came into force on the 16th December 2010. The seat of the ESRB is in Frankfurt am Main and its Secretariat is ensured by the European Central Bank (ECB).

European System Of Financial Supervisors (ESFS): Frequently Asked Questions

Why are the new European Supervisory Authorities (ESAs) needed?

The report of the de Larosière group 1 identified serious shortcomings in the existing system of financial supervision in Europe. There is a single market, and financial institutions operate across borders, but supervision remains uneven and often uncoordinated. A stronger financial sector in the EU in the future needs to have convergence between Member States on technical rules, and a mechanism for ensuring agreement and co-ordination between national supervisors of the same cross-border institution or in colleges of supervisors. A rapid and effective mechanism to ensure consistent application of rules is also necessary, as is co-ordinated decision making in some areas in emergency situations. The current advisory financial services committees are not currently equipped to carry out these functions.

Commission adopts legislative proposals to strengthen financial supervision in Europe

Asymptotix is pleased to see that the European Commission adopted an important package of draft legislation today to significantly strengthen the supervision of the financial sector in Europe. The aim of these enhanced cooperative arrangements is to sustainably reinforce financial stability throughout the EU; to ensure that the same basic technical rules are applied and enforced consistently; to identify risks in the system at an early stage; and to be able to act together far more effectively in emergency situations and in resolving disagreements among supervisors. The legislation will create a new European Systemic Risk Board (ESRB) to detect risks to the financial system as a whole with a critical function to issue early risk warnings to be rapidly acted on. It will also set up a European System of Financial Supervisors (ESFS), composed of national supervisors and three new European Supervisory Authorities for the banking, securities and insurance and occupational pensions sectors.

European Commission proposes stronger financial supervision in Europe


the 1875th meeting of the Commission
held in Brussels
on Wednesday 27 May 2009



There is nothing un-important on this page



The European Commission has adopted a Communication on Financial Supervision in Europe. The Communication proposes a set of ambitious reforms to the current architecture of financial services committees, with the creation of a new European Systemic Risk Council (ESRC) and European System of Financial Supervisors (ESFS), composed of new European Supervisory Authorities. Legislation to embody these proposals will follow in the autumn. The Commission also invites all interested parties to submit their reactions on the Communication before 15 July.

Commission should make ECB reference authority for macro-prudential supervision

art noveau door bxlOn Wednesday 27 May [2009], the European Commission is to present the principles of the structure for the new financial supervision in Europe.

de Larosière Group Recommendations: Misleading Incentives and the Super-Supervisor Scrum-Down

On the 27th May 2009 in what will possibly be the final act of this Commission (and arguably the most important), CION (the insiders short-hand for the European Commission) will bring forward its proposals for banking supervision and regulation reform to ECOFIN (the European Finance Ministers) and then to the European Council  (Heads of State and Government) in June. It’s political with a big ‘P’ now.


European Parliament - High Level Conference "Towards a New Supervisory Architecture in Europe"

Charlie McCREEVY European Commissioner for Internal Market and Services Keynote Speech

QUOTATION (CONCLUSION): Let me be clear: it was the joint impact of both macro and micro factors that resulted in the market excesses and the emergence of unprecedented systemic risks that we have experienced in recent times. There is, therefore, a fundamental need to strengthen both the micro- and macro-prudential pillars. And we should do this in a way that achieves valuable synergies and has a mutually reinforcing impact on overall financial stability.

Improving supervision in the EU financial services sector: The 3L3 Commitees express their suport for the Commission's position

The 3L3 Committees, CESR, CEBS and CEIOPS, published today their joint response to the European Commission’s consultation on improving the supervision of EU financial markets. The joint response also includes in an annex, the three Committees’ sectoral views on the proposals made by the high-level group (“the Group”) on the structure of financial supervision in the EU, chaired by Jacques de Larosière, which were endorsed by the Commission’s Communication of 4 March 2009.

CEBS publishes its report mapping supervisory objectives and powers across EU Member States

Am I alone in thinking that there is something not quite in the real world about these ongoing announcements from CEBS?

(there is no point in reading this if you don't know what CEBS is!)

Anyway, here we have CEBS yet again setting out or "mapping" (how I hate that word, when it doesn't refer mountains or lochs); objectives & powers, processes & targets for itself ....

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