Internal Market: ESA is ready for new tasks in financial sector
Today, the EFTA Surveillance Authority (ESA) has been entrusted with new responsibilities in supervising the financial sector.
In accordance with the two-pillar structure of the EEA Agreement, ESA has now the power to take decisions addressed to national supervisory authorities or market operators in Norway, Iceland and Liechtenstein. Furthermore, ESA is the designated supervisory authority for credit rating agencies and trade repositories established in the three countries.
“ESA is ready and prepared to assume its
new responsibilities from day one,” says Sven Erik Svedman, President of
the EFTA Surveillance Authority.
Following the financial crisis, three new European
Supervisory Authorities (EBA, EIOPA and ESMA) were created in the EU in the
areas of banking, insurance and securities markets to ensure consistent
supervision of the financial sector. The respective regulations incorporated
into the EEA agreement today give ESA decision-making powers corresponding to
the powers granted to these authorities.
“An essential aim of
the set-up on financial supervision in Europe is to ensure uniform surveillance
and application throughout the entire EEA. Close cooperation and coordination
with the three EU financial supervisory agencies is therefore important, and we
have been building the necessary relations,” says Frank J. Büchel,
responsible College Member for financial services.
The European Supervisory Authorities will still be competent
to perform actions of a non-binding nature in the whole of the EEA, also
vis-à-vis competent authorities and market operators in the three EEA EFTA
For further information, please
Ms. Anne Vestbakke
Head of Communications
Tel. +32 2 286 18 66
Mobile. +32 490 57 63 53