In October 2009 the European Central Bank (ECB) received a request from the Council of the European Union for an opinion on:

  • A proposal for a regulation of the European Parliament and of the Council establishing a European Banking Authority.
  • A proposal for a regulation of the European Parliament and of the Council establishing a European Insurance and Occupational Pensions Authority.
  • A proposal for a regulation of the European Parliament and of the Council establishing a European Securities and Markets Authority.

The ECB has now published its opinion which sets out a number of general and specific observations on the proposals. The ECB recommends that the proposed regulations are amended and a specific drafting proposal is set out in the Annex together with explanatory text.

The ECB states that the opinion needs to be read in conjunction with ECB Opinion CON/2009/88 of 26 October 2009 on a proposal for a regulation of the European Parliament and of the Council on Community macro-prudential oversight of the financial system and establishing a European Systemic Risk Board and a proposal for a Council decision entrusting the ECB with specific tasks concerning the functioning of the European Systemic Risk Board.

View Opinion on three proposals for regulations of the European Parliament and of the Council establishing a European Banking Authority, a European Insurance and Occupational Pensions Authority and a European Securities and Markets Authority, 8 January 2010