Database on German and European Economic Law

 Directive 2010/78/EU

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

Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority)

Abbreviations
Powers of European Supervisory Authorities, Omnibus I
Status
Repealed
Directive
2010/78/EU
Source
O.J. EU No L (Legislation), Edition 331, Year 2010, p.120
Adoption
11/24/2010
Promulgation
12/15/2010
Character
Regular Act
Legal Basis
Art. 50, 53 Abs. 1, 62, 114 AEUV
Legislative Procedure
Codecision procedure
Background

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

  2014/65/EU

Beschluss:
05/15/2014 (A)
Verkuendung:
06/12/2014 (P)

Original Text Powers of European Supervisory Authorities, Omnibus I:
Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority)

  2010/78/EU

Beschluss:
11/24/2010 (A)
Verkuendung:
12/15/2010 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
03/18/2010
Opinion of the European Central Bank
O.J. 2010/C 87/01
03/18/2010
Opinion of the European Economic and Social Committee
O.J. 2010/C 354/85
10/26/2009
Proposal
COM(2009) 576 final

3. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Directive 2009/65/EC
Amendment
  Directive 2006/48/EC
Amendment
  Directive 2006/49/EC
Amendment
  Directive 2005/60/EC
Amendment
  Directive 2004/109/EC
Amendment
  Directive 2004/39/EC
Amendment
  Directive 2003/71/EC
Amendment
  Directive 2003/41/EC
Amendment
  Directive 2003/6/EC
Amendment
  Directive 2002/87/EC
Amendment
  Directive 98/26/EC

IV. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

Legend

Legislative Act Status

Documents

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
3. Legal Impact
IV. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany