On 22 September 2010, the European Parliament approved legislation reforming the EU financial supervisory framework at first reading. This means that the new EU Supervisory Authorities (ESAs) and the European Systemic Risk Board (ESRB) could begin work by January 2011. The Parliament has now published provisional versions of the texts of each of the legislative resolutions, together with the relevant legislative measures, that have been approved. They are as follows:

  • Resolution on the proposal for a regulation on Community macroprudential oversight of the financial system and establishing a European Systemic Risk Board (ESRB).
  • Resolution on the proposal for a regulation establishing a European Insurance and Occupational Pensions Authority (EIOPA).
  • Resolution on the proposal for a regulation establishing a European Banking Authority (EBA).
  • Resolution on the proposal for a regulation establishing a European Securities and Markets Authority (ESMA).
  • Resolution on the proposal for a Directive amending Directives 1998/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC, 2009/65/EC in respect of the powers of the EBA, the EIOPA and the ESMA (known as the "Omnibus I Directive").
  • Resolution on the proposal for a regulation entrusting the European Central Bank (ECB) with specific tasks concerning the functioning of the ESRB.

The Council of the European Union will now formally approve these legislative measures