Xac October 15, 2009 London

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EU’s Supervisory Reform Piotr Madziar – European Commission 15 October 2009, XAC - London

Transcript of Xac October 15, 2009 London

Page 1: Xac October 15, 2009 London

EU’s Supervisory Reform

Piotr Madziar – European Commission15 October 2009, XAC - London

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Topics

• European Commission proposal for supervisory reform

• EU Agenda • Next steps?

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XBRL driving forces

XBRLSimplification Crisis

Stoiberg De Larosiere

G20EU Council EP

COM

MS

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De Larosiere Reform

• Financial crisis driven• Position of national regulators?• Global aspect• Commission absolute priority.

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European Parliament

Resolution on Lamfalussy follow-up: future structure of supervision (September 2008)

• Calls upon the L3 Committees to design common reporting standards

• Multi-purpose format such as XBRL• Throughout the EU• Calls upon the Commission to submit adequate legislative

proposals

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De Larosiere proposal• Commission’s proposal of 23 September 2009• ESRB and ESFS = ECB + ESAs + national regulators+…• Banking: colaterals, capital, fund transfer reg,…?• Insurance: insurance and reinsurance, conglomerates,

institutions, Solvency II, anti money laundering,…?• Securities & Markets: transparency, markets in FI, market

abuse, prospectuses, hedge funds, CRA, take-over bids, settlements, financial collateral arrangements, ...?

• Technical standards,…? XBRL?• Links to international standard setters,…? XBRL?

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More powers for ESAs• Technical standards but criteria in Community legislation • Flow of information• Supervisory culture and supervisory practices• Last resort option in case of disagreement• Training programmes• Aggregate micro-prudential information from national

supervisors• Set-up a Central European Database. The information will be

available for the relevant authorities in colleges of supervisors and forwarded to the European Systemic Risk Council

• Technical arrangements with international organisations and administrations of third countries.

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Proposed structure for Securites and Markets

ESMA – European Securities & Markets Authority

Chairperson

Mgt BoardExecutive Director

ECA - European Court of Auditors

OLAF – l’Office européen de lutte anti-fraude

European Commission

Securities & Markets Stakeholder Group

Board of Supervisors

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Appeal processesEU Court of First Instance

EU Council - QMV

Member StateMember State Member State

Board of Appeal for 3 ESAs

ESMA

NSA NSA NSA

EU Court of Justice

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ESFS

ESFS - EU System of Financial Supervisors

ESMA - European Securities and Markets Authority

EIOPA - European Insurance and Occupational Pension Authority

EBA - European Banking Authority

Joint Committee of European Supervisory Authorities

College of SupervisorsNSA

NSANSA – National Supervisory Authority

NSANSA

NSA

NSANSA

NSA

NSANSA

NSA

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ESRB – EU Systemic Risk Board

ESRB – European Systemic Risk Board

ECB

ESFS – European System of Financial Supervision

Information exch

ange

3rd Countries & Int’lInform

ation exchange

Information exch

ange

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Practicalities, Agenda

• Financial assistance 37- 70 M€ in years 2011-2016• 40% from the Community budget• London, Paris, Frankfurt• Status similar to EU Agency• 74-90 staff (2016)• EU Staff Regulation (independence, impartiality).

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Contacts• DG Internal Market & Services website:

http://ec.europa.eu/dgs/internal_market/index_en.htm

• Piotr Madziar+32-(0)[email protected]