Financial Services Action Plan (1999)
Internal Market Financial Services.
García-Margallo Report EP (2000)
Pan European Institutions
Following Reports: Van den Burg on prudential supervision, Van den Burg
on financial services policy, Van den Burg & Daianu recommendations to the
Commission on Lamfalussy follow-up…
Crisis: Larosière Report and Turner Review.
Commission: Driving European Recovery (4/04/2009), European Financial
European Council (12/2009): Single Rule Book. Individual Decision.
European Parliament: Coordinators Declaration (2010).
“A Fair and Substancial Contribution by the
Financial Sector” (IMF 4/16/2010): Financial
USA – Obama.
Europe 2020 A European strategy for smart,
sustainable and inclusive growth (3/03/2010):
crisis management and responsibility of the
European Council (25-26/03/2010): Systemic
EUROPEAN SYSTEM (Art. 1a)
Composition of the European System for Financial
Systemic Risk Board.
3 European Authorities: Banking, Insurance and Occupational
Pensions and Securities and Markets
Strong idea: reinforce the idea of a system. ONE
National Authorities accountable to the European
EUROPEAN SINGLE RULEBOOK
EBA strong and responsible to the EP.
The Commission has limited power to modify
Disagreement between EBA and Commission: control
by the EP and the Council.
Implementing acts (Art. 291 TFEU).
Orientations and recommendations (ex. Bonus):
non-fulfillment of European Law;
disagreements within Colleges of Supervisor.
Review: Board of Appeal (legality).
Appeal to the Council: Safeguard Clause.
SUPERVISION OF CROSSBORDER
INSTITUTIONS (Art. 12-12a,b,c,d)
Theoretical approach (Turner Review):
Current mechanisms do not work.
Only two solutions: more protectionism or more Europe.
National Solution: more power for the supervisor of the
hosting country = market blow up.
EBA leadership in the Colleges of Supervisors:
Regulatory and implementing standards.
Reinforced supervision of Institutions that may pose a systemic risk
Banking Resolution Unit (red alarm).
European Deposit Guarantee Skims.
European Stability Fund.
Europe single voice.
Supervisor arrangament with third
Administrative arrangaments and
STAKEHOLDER GROUP: SME
SAFEGUARDS (Art. 23)
Direct and significant impact.
Ratification of the Authority's decision: by
Revocation of the Authority's decision: by
JOINT COMMITTEE (Art. 40-43)
REVISION CLAUSE (Art. 66)
Proposals to implement Art. 12: 6 months.
Proposals to evaluate experience acquared:
Conversion in supervisory standards practices reached
by National Authorities;
the functioning of the Colleges of Supervisors;
the role of the Authority on the supervision of
the application of the Safeguard Clause established in