Europeisk finanstilsyn

Europeisk finanstilsyn

Meddelelse fra Kommisjonen: Europeisk finanstilsyn

Finansministrene fra Norge, Island og Liechtenstein kom 14. oktober 2014 fram til enighet med EU-siden om hvordan EUs nye finanstilsynsstruktur skal innlemmes i EØS-avtalen. Tilsynsstrukturen, med blant annet tre nye tilsynsmyndigheter for bank-, verdipapir- og forsikringssektorene (EBA, ESMA og EIOPA) trådte i kraft i EU 1. januar 2011. Formålet er å bidra til finansiell stabilitet i Europa og motvirke nye finanskriser. I løsningen som nå er avtalt blir EFTAs overvåkingsorgan (ESA) gitt kompetanse til å treffe rettslige bindende vedtak mot nasjonale tilsynsmyndigheter og enkeltinstitusjoner i Norge, Liechtenstein og Island. Regjering må innhente Stortingets samtykke til løsningen, og fordi det overføres kompetanse til ESA, vil saken kreve 3/4 flertall i Stortinget.

Nærmere omtale

BAKGRUNN (fra kommisjonsmeddelelsen, engelsk utgave)

Experience of the financial crisis has exposed important failures in financial supervision, both in particular cases and in relation to the financial system as a whole. Current supervisory arrangements proved incapable of preventing, managing and resolving the crisis. Nationally-based supervisory models have lagged behind the integrated and interconnected reality of today's European financial markets, in which many financial firms operate across borders. The crisis exposed serious failings in the cooperation, coordination, consistency and trust between national supervisors.

The Commission has been closely involved in coordinating the substantial interventions by Member States to restore confidence in financial institutions through guarantee schemes, injection of additional capital and measures to relieve balance sheets of impaired assets, while ensuring that beneficiary institutions take the necessary steps to return to viability. This effort should be complemented by steps to address the failures in supervision revealed by the crisis.

In November 2008, the Commission mandated a High Level Group chaired by Mr Jacques de Larosière to propose recommendations to the Commission on how to strengthen European supervisory arrangements to better protect its citizens and rebuild trust in the financial system. As one of the two largest financial markets in the world, the EU also has a clear responsibility to promote global financial stability and security – a role that it can only perform if it has a strong supervisory and regulatory framework itself.

The final report presented by the de Larosière Group on 25 February 2009 set out a balanced and pragmatic vision for a new system of European financial supervision. At the core of this vision are proposals to strengthen cooperation and coordination between national supervisors including through the creation of new European Supervisory Authorities, and, for the first time, a European level body charged with overseeing risk in the financial system as a whole.

In the Communication "Driving European Recovery" of 4 March 2009 [1], the Commission welcomed and supported the main thrust of these recommendations [2]. Building on the recommendations of the de Larosière report, the Communication set out an action plan for reforming the way financial markets are regulated and supervised. The Commission has already taken a series of measures to implement the regulatory reform, including important initiatives on alternative investment funds, including hedge funds, and executive remuneration. Further measures on capital requirements for banks will follow in June.

Given the urgent need for parallel action on supervision, the Commission proposed an accelerated timetable for delivering on the reform of EU financial supervision. Discussions in the European Council, the Council and the European Parliament, as well as a public consultation, have demonstrated a broad consensus about the need for reform and the objectives to be achieved in line with the de Larosière report and the Commission's proposals for its follow-up.

This Communication is a key milestone and sets out the basic architecture for a new European financial supervisory framework. The Commission invites the European Council to endorse this architecture, as set out in the conclusions. It is envisaged that the legislative changes to give effect to the framework for EU supervision set out in this document will follow in the autumn of this year, after further consultation of stakeholders, and should be adopted in time for the renewed supervisory framework to be up and running during 2010.

The Commission welcomes reactions from stakeholders to this Communication by 15 July 2009 at the latest.

1 Commission Communication of 4 March 2009 to the Spring European Council, "Driving European Recovery" - COM(2009) 114.
2 See the report of the High-Level Group on Financial Supervision in the EU published on 25 February 2009. The Group was chaired by Mr Jacques de Larosière.