Regulatory Alerts2016-03-01
Added · Updated
European System of Financial Supervision
The European Union established the European System of Financial Supervision (ESFS) effective 1 January 2011 to reform financial supervision following the credit crisis. The ESFS comprises the European Systemic Risk Board (ESRB) for macro-prudential oversight and three European Supervisory Authorities (EBA, ESMA, EIOPA) for micro-prudential supervision of banking, securities, and insurance sectors. These authorities are empowered to set binding technical standards, issue warnings, and take binding decisions to ensure consistent application of EU regulations and prevent regulatory arbitrage.
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