xac october 15, 2009 london
TRANSCRIPT
EU’s Supervisory Reform
Piotr Madziar – European Commission15 October 2009, XAC - London
Topics
• European Commission proposal for supervisory reform
• EU Agenda • Next steps?
XBRL driving forces
XBRLSimplification Crisis
Stoiberg De Larosiere
G20EU Council EP
COM
MS
De Larosiere Reform
• Financial crisis driven• Position of national regulators?• Global aspect• Commission absolute priority.
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
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?
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.
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
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
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
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
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).
Contacts• DG Internal Market & Services website:
http://ec.europa.eu/dgs/internal_market/index_en.htm
• Piotr Madziar+32-(0)[email protected]