Part VI European Securities Markets Supervision, 16 The European System of Financial Supervision

Abstract

This chapter focuses on the European System of Financial Supervision (ESFS), which was established following the publication of a report from a “high—level” group chaired by Jacques de Larosière in February 2009. It explains that the de Larosière Report marked a highly significant EU institutional response to the financial markets crisis that had begun in the autumn of 2007. It also discusses the European Systemic Risk Board (ESRB), the European Supervisory Authorities (ESA), the European Insurance and Occupational Pensions Authority (EIOPA), and the EU member State national supervisory authorities, which comprises the ESFS. This chapter talks about ESFS as the description applied to the collection of European bodies that span the whole of the financial services industry and financial markets in Europe. It also highlights the impact of ESFS that has been felt through the actions of its constituent parts.