2 Amendments of Guy VERHOFSTADT related to 2009/0140(COD)
Amendment 36 #
Proposal for a regulation
Recital -1 (new)
Recital -1 (new)
(-1) For effective micro- and macro- prudential financial supervision, a single European supervisory authority should be established, fully integrating the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), the European Securities and Markets Authority (ESMA) and the European Systemic Risk Board (ESRB) into a single entity based on, and working closely together with, national supervisory authorities.
Amendment 46 #
Proposal for a regulation
Article 1
Article 1
A European Systemic Risk Board, hereinafter referred to as 'ESRB', is established. rticle 1 Article 1 Establishment The European Financial Supervisory Authority 1. The European Financial Supervisory Authority (EFSA) shall ensure that the rules applicable to the financial sector are adequately implemented, in order to preserve financial stability and thereby to ensure confidence in the financial system as a whole and sufficient protection for the customers of financial services. 2. The EFSA shall comprise the following: (a) the European Systemic Risk Board; (b) the European Supervisory Authority (Securities and Markets) established by Regulation (EU) No .../... [ESMA]; (c) the European Supervisory Authority (Insurance and Occupational Pensions) established by Regulation (EU) No …/…[EIOPA]; (d) the European Supervisory Authority (Banking)[EBA]; (e) the Commission, for the purposes of carrying out the tasks referred to in Articles 7 and 9. 3. The Authority shall cooperate regularly and closely with national supervisory authorities. It shall ensure cross-sectoral consistency of work and arrive at joint positions in the area of supervision of financial conglomerates and on other cross-sectoral issues. 4. In accordance with the principle of sincere cooperation in accordance with Article 4(3) of the EU Treaty, the parties of the EFSA shall cooperate with trust and full mutual respect, in particular in ensuring that appropriate and reliable information flows between them.