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European Financial Services Round Table
 





Monday, May 15, 2017
EFR input to European Commission's consultation on European Supervisory Authorities

On 15 May 2017, The European Financial Services Round Table (EFR) has submitted its reaction to the European Commission's consultation to assess the relevance, effectiveness, efficiency, coherence and added value of the European Supervisory Authorities (ESAs).

The EFR recognises that the three ESAs have, since their inception in 2010, established themselves in a relatively short period of time as knowledgeable partners and are shaping a common supervisory culture in the EU.

The EFR emphasises that any proposal for changes to the current regulatory framework for the financial sector should be in line with the European Commission's agenda for better regulation.

There are several areas where the ESAs could further improve their operations with the aim of maintaining strong, stable and transparent EU financial markets. For this, greater consistency with Level 1 rules is necessary as the ESAs work on implementing EU legislation. It is noted that supervisory convergence can be further achieved without any further architectural change. Concerning the powers of the ESAs, the main focus should be to ensure that the current powers are efficiently used.

The EFR stresses the importance of greater focus on ensuring that meaningful information is given to consumers and investors whilst avoiding duplication. Regulatory approaches around data should be consistent between all actors in the Data Economy.


Accompanying Document(s)
109.1. EFR letter on ESAs.pdf