Steven Maijoor of ESMA, speaking in Brussels on the review of the European System of Financial Supervision (ESFS), said he thought the introduction of the European Supervisory Authorities (ESAs) had worked well. He spoke also of the challenges they faced, which include striking the balance between regulation and supervision, the need, in future, to restore the balance between “stability-prudential” concerns and investor protection concerns and funding of the ESAs. Gabriel Bernardino of the European Insurance and Occupational Pensions Authority (EIOPA) stressed the need for strengthening operational independence, reinforcing EIOPA’s independent challenging role and enhancing its mandate and powers. Andrea Enria of EBA stressed the benefits of the Single Supervisory Mechanism and the Single Rulebook but stressed the limitations of a system that applied only to participating Member States. EBA is also concerned about the proposed flexibility for Member States in the proposed legislation on recovery and resolution of financial institutions. (Source: ESMA Speaks on ESFS, EIOPA Speaks on ESFS and EIOPA Speaks on ESFS)
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