The European Commission (DG MARKT) holds a conference on the new EU financial supervision and its architecture. The website however does not identify consumers or the users of the financial services as stakeholders for whom the event has been organised. The ESA Regulation have endowed authorities with a consumer protection mandate so it is surprising that these entities have not been invited. We hope that those representing the User Groups of the EU Financial Supervisory Authorities will bring forward the views and assessments form the user side. If consumer confidence in financial markets is important than why are those closest to consumers not encouraged to attend.
Until 2.1.2014, the well-functioning of the EBA, ESMA and EIOPA will be analysed and assessed . The European Financial supervision rules must be applied and checked, and for reasons of fair competition, it is necessary for Member State measures that result in weak controls to be identified and corrected. The EU passporting means that weak national supervision will not be tolerated, therefore if there are any national weaknesses in the regulation or supervision of financial services, we ask partners of ECRC to document and report these so that they can be discussed and dealt with.
Panels
9.40-11.10 Panel 1 : The ESRB – achievements and challenges of the ESRB during its first two years of activities
11.30-13.15 Panel 2: ESAs – achievements and challenges of the ESAs during their first two years of activities
14.30-16.00 Panel 3: Implications of the SSM on the ESFS
16.15-17.45 Panel 4: The future EU supervisory framework – need for structural changes?
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Public Hearing on Financial Supervision in the EU
The European System of Financial Supervision (ESFS) has been in operation for two years. The regulations establishing the European Supervisory Authorities (ESAs) and the European Systemic Risk Board (ESRB) include provisions for the Commission to review their structure and performance within the ESFS and the ESFS as a whole. The purpose of the public hearing is to offer a platform for representatives of the ESRB and the ESAs, together with other key stakeholders, to discuss the achievements of the individual authorities and to reflect on the effectiveness of the ESFS as a whole, taking into account the possible impact of the Single Supervisory Mechanism.
The hearing will be opened by Commissioner Michel Barnier and Vice-President Oli Rehn will pronounce the closing speech.
When?
Friday 24 May 2013
Where?
Venue: Salle Alcide de Gasperi, Charlemagne Building – Rue de la Loi 170, Brussels, Belgium (see a map of the venue)
Who is invited?
The hearing is mainly targeted at financial services professionals, regulators and supervisors; academic specialists working on financial services; trade-unions; and other individual stakeholders.
Useful documents:
· Draft Programme
· Background information
Registration:
The conference room has up to 400 available seats.
· Online registration
Practical information:
Cost: Participation is free of charge and a light lunch is foreseen. However the Commission will NOT be able to reimburse participants for travel and accommodation expenses.
Language: The language of the hearing is English.
Contact: For questions on the hearing, please contact
markt-conference-esfs＠ec.europa.eu |
