Database on German and European Economic Law

 Regulation (EU) No 1094/2010

I. Description

Experience of the financial crisis has exposed important failures in financial supervision, both in particular cases and in relation to the financial system as a whole. President Barroso therefore requested a group of high level experts, chaired by Mr Jacques de Larosière, to make proposals to strengthen European supervisory arrangements, with the objective of establishing a more efficient, integrated and sustainable European system of supervision. The Group presented its report on 25 February 2009. Building on its recommendations, the Commission set out proposals for a new European financial supervisory architecture in its Communication to the Spring European Council of March 2009. The Commission presented its ideas in more detail in its Communication of May 2009 which proposed:

– 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 transforming the existing European supervisory committees into a European Banking Authority ( EBA), a European Insurance and Occupational Pensions Authority ( EIOPA), and a European Securities and Markets Authority ( ESMA), thereby combining the advantages of an overarching European framework for financial supervision with the expertise of local micro-prudential supervisory bodies that are closest to the institutions operating in their jurisdictions; and

– Establishing a European Systemic Risk Board ( ESRB), to monitor and assess potential threats to financial stability that arise from macro-economic developments and from developments within the financial system as a whole. To this end, the ESRB would provide an early warning of system-wide risks that may be building up and, where necessary, issue recommendations for action to deal with these risks.

II. General Information

Title

Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC

Status
Existing
Regulation
(EU) No 1094/2010
Source
O.J. EU No L (Legislation), Edition 331, Year 2010, p.48-83
Adoption
10/24/2010
Promulgation
12/15/2010
Character
Regular Act
Legal Basis
Art. 95 EC
Legislative Procedure
Codecision procedure
Background

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text :
Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC

  (EU) No 1094/2010

Beschluss:
10/24/2010 (A)
Verkuendung:
12/15/2010 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
09/23/2010
Proposal
COM(2009)502

3. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Decision 2009/716/EC
Repeal
  Decision 2009/79/EC

Legend

Legislative Act Status

Documents

This page is available in other languages.

Admin Navigation

Diese Seite durchsuchen

Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
3. Legal Impact