Three new European supervisory authorities have been instituted by the EU: EBA, EIOPA and ESMA.
Legislation establishing three new European Supervisory Authorities has been adopted by the European Union, entering into force on the 1st January 2011. The introduction of these new supervisory authorities is part of the EU's efforts to address the regulatory and supervisory issues that were raised by the financial crisis.
The three new supervisory authorities succeed the previous European supervisory committees, namely the Committee of European Central Banks (CEBS), the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and the Committee of European Securities Regulations (CESR). The new authorities are the following:
- The European Banking Authority (EBA)
- The European Insurance and Occupational Pensions Authority (EIOPA)
- The European Securities and Markets Association (ESMA)
The authorities are expected to work towards greater harmonization, financial stability and the improved functioning of the internal market.
