The vision of the European Union’s financial supervisory authority

Abstract

The cooperation of the financial supervisory authorities inside the European Union was developed significantly in the last decades, and now it is being realized in the European System of Financial Supervision (ESFS). Important actors of the ESFS operation are the European financial supervisory authorities, the EBA which is responsible for the credit institutes, the EIOPA which is responsible for insurance companies, and the ESMA which is responsible for the capital markets. The current cooperation system of the European financial supervisory authorities was formed in 2011, and its regulation conditions were not changed from that time significantly. But this spring, the European Commission has initiated the rethinking of the frames of EU’s financial supervisory authorities by on open consultation. The aim of this recent research is to summarize the preludes of the actual frames’ creation, the suggestions of the Commission, and to critically analyse the parts of the suggestion which can make an influence also on the national financial supervision.