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Internal Market: ESA is ready for new tasks in financial sector

30.9.2016

PR(16)43

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 States.

For further information, please contact:

Ms. Anne Vestbakke
Head of Communications
Tel. +32 2 286 18 66
Mobile. +32 490 57 63 53




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