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Current challenges of the financial regulation and supervision

Current challenges of the financial regulation and supervision

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Current challenges of the financial regulation and supervision

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  1. Currentchallengesofthefinancialregulationandsupervision New European Union System for Safeguarding Financial Stability

  2. Current situation 3 committees exist in financial services sector at EU levelwith advisory powers (Lamfalussy level 3 Committees): • Committee of European Banking Supervisors (CEBS), • Committee of European Insurance and Occupational Pensions Committee (CEIOPS) • Committee of European Securities Regulators (CESR).

  3. Changes due to financial crisis • High-level group chaired by J. de Larosière recommended transforming the three Committees into European Authorities (Micro prudential supervision) • Introducing Macro-prudential supervision to limit the distress of the financial system as a whole in order to protect the overall economy from significant losses in real output

  4. Source: de Larosiere Report

  5. The European Commission takes over • Creation of a new European Systemic Risk Board (ESRB) and • European System of Financial Supervisors (ESFS), composed of new European Supervisory Authorities • Legislative proposals already exist • Supervisors should be established in the beginning of 2011

  6. EuropeanSecuritiesandMarketsAuthority (ESMA) • Part of European System of Financial Supervisors • Transformation from CESR to ESMA • Board of supervisors (heads of national supervisors) is decision-making body • Internal organization (Chairperson, Executive Director, etc.)

  7. ObjectivesoftheEuropeanSecuritiesandMarketsAuthority (ESMA) • Improving the functioning of the internal market • Effective and consistent level of regulation and supervision • Protecting investors • Ensuring the integrity, efficiency and orderly functioning of financial markets • Safeguarding the stability of the financial system • Strengthening international supervisory coordination

  8. Tasksandpowersof ESMA (1) • Develop technical standards • Powers to ensure the consistent application of Community rules • Action in emergency situations • Settlement of disagreements between national supervisory authorities • Colleges of supervisors

  9. Tasksandpowersof ESMA (2) • Common supervisory culture, delegation of tasks and responsibilities and peer reviews • Assessment of market developments • International and advisory role • Collection of information • Relationship with the ESRB • Safeguard

  10. Challenges in Slovenia • Adoption to the EU new supervision system (adjustment of the SMA, BS and ISA to the new system) • Development of Slovenian capital market (How to increase liquidity on LJSE?) • Introduction of new UCITS legislation • Pension reform (three pillars systemand new competencies for the SMA)

  11. Questionsforthespeaker Thank you for your attention