December 20 2017
Comments on the proposal of the European Commission for a review of the ESAs’ framework
The German Banking Industry Committee takes note of the review and reform of the European supervisory system comprising EBA, ESMA and EIOPA. A competitive financial market is of elementary importance for the EU. The review of how efficiently the European supervisory authorities function plays a crucial role in this.
Against this background, in our opinion, the EU Commission’s proposal contains appropriate additions to the ESAs’ competencies insofar as pan-European issues are concerned, such as the direct supervision of the administrators of critical benchmarks by ESMA. Nevertheless, we consider that the legal basis invoked by the EU Commission from Art. 114 of the Treaty on the Functioning of the European Union (TFEU) for the proposals are not sufficient in all points, particularly with regard to the additional competencies and the planned restructuring of the funding of the ESAs.