Book contents
- Frontmatter
- Contents
- List of contributors
- Preface
- VOLUME I: PRINCIPLES AND CONTEXT
- PART I RISK MANAGEMENT CONTEXT FOR FINANCIAL DATA
- PART II REQUIREMENTS AND SOURCES FOR FINANCIAL RISK MANAGEMENT
- PART III REGULATORY DATA
- 10 A history of financial regulation in the USA from the beginning until today: 1789 to 2011
- 11 Data for microprudential supervision of US banks
- 12 Microprudential supervisory data in the USA: Securities and derivatives
- 13 Financial data and risk information needed for the European system of financial supervision
- 14 Data needed for macroprudential policymaking
- Index – Volume I
- References
This chapter is part of a book that is no longer available to purchase from Cambridge Core
13 - Financial data and risk information needed for the European system of financial supervision
from PART III - REGULATORY DATA
Book contents
- Frontmatter
- Contents
- List of contributors
- Preface
- VOLUME I: PRINCIPLES AND CONTEXT
- PART I RISK MANAGEMENT CONTEXT FOR FINANCIAL DATA
- PART II REQUIREMENTS AND SOURCES FOR FINANCIAL RISK MANAGEMENT
- PART III REGULATORY DATA
- 10 A history of financial regulation in the USA from the beginning until today: 1789 to 2011
- 11 Data for microprudential supervision of US banks
- 12 Microprudential supervisory data in the USA: Securities and derivatives
- 13 Financial data and risk information needed for the European system of financial supervision
- 14 Data needed for macroprudential policymaking
- Index – Volume I
- References
Summary
Introduction to the European System of Financial Supervision
One of the European responses to the financial crisis which started in 2007, was the creation of a new architecture for financial supervision in Europe. The new European supervisory structure came into force on January 1, 2011, less than two years after the publication of the “de Larosière report” which recommended the new structure in response to the financial crisis. With the goal of maintaining financial stability in Europe, the European System of Financial Supervision (ESFS) is built on a two pillar supervisory approach. One pillar refers to microprudential supervision and consists of three European Supervisory Authorities (ESAs) and the European Central Bank (ECB). The other, a macroprudential pillar, is the European Systemic Risk Board (ESRB) and the ECB. At the microprudential level, the European Banking Authority (EBA) is created for the banking sector, the European Securities and Markets Authority (ESMA) for securities markets, and the European Insurance and Occupational Pensions Authority (EIOPA) for the insurance and occupational pensions sector. Furthermore, a Joint Committee of the ESAs is established for coordinating the microprudential activities across Europe.
The three ESAs and the ECB coordinate supervision of, and regulations for, European markets and do not replace existing national competent authorities (NCA), which continue to be involved in the day-to-day supervision.
- Type
- Chapter
- Information
- Handbook of Financial Data and Risk Information IPrinciples and Context, pp. 520 - 565Publisher: Cambridge University PressPrint publication year: 2014
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