|Printable version||E-mail this to a friend|
ESA Regulations to be incorporated into the European Economic Area (EEA) Agreement
The EC has adopted a proposal for a Council Decision on the incorporation of the Regulations on the European Supervisory Authorities and some of the related Regulations and Directives into the Agreement on the European Economic Area (EEA). This is an important step towards the extension of the European System of Financial Supervision (ESFS) to the EEA EFTA countries: Norway, Iceland and Liechtenstein.
One of the cornerstones of the EU's response to the 2008 financial crisis was the establishment of the European System of Financial Supervision (ESFS), which, among other things, led to the creation of the European Supervisory Authorities (ESAs).
The EEA EFTA countries fully participate in the EU’s internal market as foreseen by the EEA Agreement. With this Commission proposal, strong and coordinated financial supervision would be extended across the entire EEA.
The acts to be incorporated into the EEA Agreement are the ESAs Regulations (EBA, EIOPA and ESMA Regulations), the European Systemic Risk Board Regulation, the Alternative Investment Fund Managers Directive and related Delegated Acts, the Short Selling Regulation and related delegated acts, the European Markets Infrastructure Regulation ('EMIR') and the Credit Ratings Agency Regulations.
In order for this package to enter into force, it needs to be approved by the national parliaments in the EEA EFTA States and the Council of the EU. Consequently, it is due to be formally adopted in the EEA Joint Committee.
Latest News from
Cities and regions key to strengthen economic recovery and undertake structural reforms, new report shows23/06/2017 16:20:00
The role of local and regional authorities and the awareness of territorial concerns in addressing economic challenges are growing. This is the conclusion of a new analysis by the European Committee of the Regions (CoR) showing that 75% of the Country-specific Recommendations are related to the territory.
EU needs to offer mayors 'answers' to migration23/06/2017 15:20:00
Europe's regions & cities are directly exposed to the challenge of migration management and need strong support to help the EU's efforts and respond to citizens' expectations.
REACH inspectors find that not all companies are complying with authorisation requirements23/06/2017 14:20:00
Inspectors in 17 European countries have checked compliance with the authorisation obligations under REACH for the use & placing on the market of 13 substances of very high concern with sunset dates in 2015.
ECB to develop a service for the settlement of instant payments23/06/2017 14:10:00
The Governing Council of the ECB has decided to develop a new service for the settlement of instant payments. The new service, TARGET instant payment settlement (TIPS), will enable citizens & firms to transfer money between each other in real time and will be available around the clock, 365 days a year.