Three advisory groups. The day before the G20 summit, the European Commission tried to bring its two cents to the global financial regulation structure by improving coordination of supervisory rules on European financial markets. The legislative proposals presented on Wednesday, September 23 provide for the creation of a European financial surveillance system in charge of monitoring financial establishments. This system will be made up of a national network of surveillance authorities which will work hand in hand with three new European surveillance authorities: the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA). Each of the regulation proposals establishing these authorities provides, in article 22, for the creation of a “group of stakeholders” composed, notably, of staff representatives from each sector. Thus, for the EBA, the group will include staff, businesses and consumer representatives in the banking sector. For the EIOPA, the same categories of representatives will come from insurance firms and occupational pension funds. Finally, for the ESMA, stakeholders from financial markets, their staff, consumers, investors and other financial services users will be present.
f stakeholders” composed, notably, of staff representatives from each sector. Thus, for the EBA, the group will include staff, businesses and consumer representatives in the banking sector. For the EIOPA, the same categories of representatives will come from insurance firms and occupational pension funds.
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