Regulation (EU) No 1092/2010
The key recommendations of the de Larosière group focus on:
(i) Establishing a European Systemic Risk Board ( ESRB) that would be responsible for macro-prudential oversight of the financial system within the Community in order to prevent or mitigate systemic risks, to avoid episodes of widespread financial distress, contribute to a smooth functioning of the Internal Market and ensure a sustainable contribution of the financial sector to economic growth.
(ii) Establishing a European System of Financial Supervisors ( ESFS), consisting of a network of national financial supervisors working in tandem with new European Supervisory Authorities (ESAs), created by the transformation of existing European supervisory committees in a European Banking Authority ( EBA), a European Securities and Markets Authority ( ESMA), and a European Insurance and Occupational Pensions Authority ( EIOPA). The ESFS should be built on shared and mutually-reinforcing responsibilities, combining nationally-based supervision of firms with specific tasks at the European level. The ESFS would also foster harmonised rules and coherent supervisory practice and enforcement.
II. General Information
Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board
- (EU) No 1092/2010
- O.J. EU No L (Legislation), Edition 331, Year 2010, p.111
- Regular Act
- Legal Basis
- Art. 95 EC
- Legislative Procedure
- Codecision procedure
III. Versions and Legislative History
2. Legislative History
ABL. EC 2009 No. C 270, p. 1