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FINANCIAL SUPERVISION. HISTORY Financial Services Action Plan (1999) Financial Services Action Plan (1999) Internal Market Financial Services. Internal.

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Presentation on theme: "FINANCIAL SUPERVISION. HISTORY Financial Services Action Plan (1999) Financial Services Action Plan (1999) Internal Market Financial Services. Internal."— Presentation transcript:

1 FINANCIAL SUPERVISION

2 HISTORY Financial Services Action Plan (1999) Financial Services Action Plan (1999) Internal Market Financial Services. Internal Market Financial Services. 43 regulations. 43 regulations. García-Margallo Report EP (2000) García-Margallo Report EP (2000) 3 targets 3 targets Divorce Divorce Following Reports: Van den Burg on prudential supervision, Van den Burg on financial services policy, Van den Burg & Daianu recommendations to the Commission on Lamfalussy follow-up… Following Reports: Van den Burg on prudential supervision, Van den Burg on financial services policy, Van den Burg & Daianu recommendations to the Commission on Lamfalussy follow-up… Crisis: Larosière Report and Turner Review. Crisis: Larosière Report and Turner Review. Commission: Driving European Recovery (4/04/2009), European Financial Supervision (27/05/2009). Commission: Driving European Recovery (4/04/2009), European Financial Supervision (27/05/2009). European Council (12/2009): Single Rule Book. Individual Decision. Safeguards. European Council (12/2009): Single Rule Book. Individual Decision. Safeguards. European Parliament: Coordinators Declaration (2010). European Parliament: Coordinators Declaration (2010). Integration Supervision Harmonization Pan European Institutions National Supervisors Speed Intensity CRISIS

3 INTERNATIONAL DOCUMENTS “A Fair and Substancial Contribution by the Financial Sector” (IMF 4/16/2010): Financial Supervision Commission. “A Fair and Substancial Contribution by the Financial Sector” (IMF 4/16/2010): Financial Supervision Commission. USA – Obama. USA – Obama. Europe 2020 A European strategy for smart, sustainable and inclusive growth (3/03/2010): crisis management and responsibility of the financial sector. Europe 2020 A European strategy for smart, sustainable and inclusive growth (3/03/2010): crisis management and responsibility of the financial sector. European Council (25-26/03/2010): Systemic Institutions. European Council (25-26/03/2010): Systemic Institutions.

4 EUROPEAN SYSTEM (Art. 1a) Composition of the European System for Financial Supervision: Composition of the European System for Financial Supervision: National Authorities. National Authorities. Systemic Risk Board. Systemic Risk Board. 3 European Authorities: Banking, Insurance and Occupational Pensions and Securities and Markets 3 European Authorities: Banking, Insurance and Occupational Pensions and Securities and Markets Joint Committee. Joint Committee. Commission. Commission. Strong idea: reinforce the idea of a system. ONE SUPERVISOR Strong idea: reinforce the idea of a system. ONE SUPERVISOR National Authorities accountable to the European Parliament. National Authorities accountable to the European Parliament.

5 RISKY TRANSACTIONS (Art. 6.2(fb)) Temporary prohibition. Temporary prohibition. Decision reviewed. Decision reviewed.

6 EUROPEAN SINGLE RULEBOOK (Art. 7-8) Regulatory Standards Regulatory Standards EBA strong and responsible to the EP. EBA strong and responsible to the EP. Open consultation. Open consultation. Impact study. Impact study. The Commission has limited power to modify proposals. The Commission has limited power to modify proposals. Disagreement between EBA and Commission: control by the EP and the Council. Disagreement between EBA and Commission: control by the EP and the Council. Implementing acts (Art. 291 TFEU). Implementing acts (Art. 291 TFEU). Orientations and recommendations (ex. Bonus): accountability. Orientations and recommendations (ex. Bonus): accountability.

7 INDIVIDUAL DECISIONS (Art ) When?: When?: non-fulfillment of European Law; non-fulfillment of European Law; emergency situations; emergency situations; disagreements within Colleges of Supervisor. disagreements within Colleges of Supervisor. To whom?: To whom?: National Supervisor. National Supervisor. Financial Institutions. Financial Institutions. Review: Board of Appeal (legality). Review: Board of Appeal (legality). Appeal to the Council: Safeguard Clause. Appeal to the Council: Safeguard Clause.

8 SUPERVISION OF CROSSBORDER INSTITUTIONS (Art a,b,c,d) Theoretical approach (Turner Review): Theoretical approach (Turner Review): Current mechanisms do not work. Current mechanisms do not work. Only two solutions: more protectionism or more Europe. Only two solutions: more protectionism or more Europe. National Solution: more power for the supervisor of the hosting country = market blow up. National Solution: more power for the supervisor of the hosting country = market blow up. European Solution: European Solution: EBA leadership in the Colleges of Supervisors: EBA leadership in the Colleges of Supervisors: Regulatory and implementing standards. Regulatory and implementing standards. binding mediation. binding mediation. Reinforced supervision of Institutions that may pose a systemic risk (yellow alarm). Reinforced supervision of Institutions that may pose a systemic risk (yellow alarm). Banking Resolution Unit (red alarm). Banking Resolution Unit (red alarm). European Funds: European Funds: European Deposit Guarantee Skims. European Deposit Guarantee Skims. European Stability Fund. European Stability Fund.

9 INTERNATIONAL RELATIONS (Art. 18) Europe single voice. Europe single voice. Supervisor arrangament with third countries authorities. Supervisor arrangament with third countries authorities. Administrative arrangaments and equivalent decisions. Administrative arrangaments and equivalent decisions.

10 STAKEHOLDER GROUP: SME (Art. 22)

11 SAFEGUARDS (Art. 23) Direct and significant impact. Direct and significant impact. Impact study. Impact study. Ratification of the Authority's decision: by simple majority. Ratification of the Authority's decision: by simple majority. Revocation of the Authority's decision: by qualified majority. Revocation of the Authority's decision: by qualified majority.

12 JOINT COMMITTEE (Art )

13 REVISION CLAUSE (Art. 66) Proposals to implement Art. 12: 6 months. Proposals to implement Art. 12: 6 months. Proposals to evaluate experience acquared: Proposals to evaluate experience acquared: Conversion in supervisory standards practices reached by National Authorities; Conversion in supervisory standards practices reached by National Authorities; the functioning of the Colleges of Supervisors; the functioning of the Colleges of Supervisors; the role of the Authority on the supervision of Systemic Institutions; the role of the Authority on the supervision of Systemic Institutions; the application of the Safeguard Clause established in Art. 23. the application of the Safeguard Clause established in Art. 23.


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