European Parliament (EP) published a working document on proposals to amend the European System of Financial Supervision (ESFS). The document covers proposals amending regulations establishing ESAs and regulations on financial markets. The ESFS consists of ESRB and the three ESAs.
EC, on September 20, 2017, had adopted a package of three proposals consisting of a regulation amending not only the three ESA Regulations, but also six other regulations in the securities/financial markets area, a directive amending Markets in Financial Instruments Directive (MiFID) and Solvency II, and a regulation amending the ESRB Regulation. Furthermore, the EC proposal on establishing a Pan-European Personal Pension Product (PEPP) Regulation and the proposal on the European Market Infrastructure Regulation (EMIR) location policy address matters of potential direct ESA competences, which have to be taken into account when completing the picture of revising the responsibilities of ESAs. This working document covers various EC proposals on these regulations.
Related Link: Working Document (PDF)
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