Review of the European System of Financial Supervision

Publication date: 26 February 2019

On Monday the EBF co-signed a letter with a group of European trade associations on the review of the European System of Financial Supervision, the so-called ESAs review, in light of the ongoing trilogue negotiations.

All the signatories of the letter expressed their support for the efforts to reinforce the harmony of the European Supervisory Framework, including closer cooperation with National Competent Authorities (NCAs) and more efficient governance of the ESAs.

Among other issues, the European Parliament proposal to use “no-action letters” is praised, the need to increase the transparency of the processes is also stressed, but also the importance of filling the gaps in the existing cooperation between NCAs and ESAs as well as some notes on the AML powers that will be granted to ESAs.