Welcome to ERA – Academy of European Law

The High-Level Group on Financial Supervision appointed by the European Commission issued the “De Larosière Report” in February 2009. That report was transposed by the Commission into a package of six legal acts adopted in September 2010:

• two acts (one regulation and one Council decision) to establish a European Systemic Risk Board (ESRB) and to organise its relations with the European Central Bank (ECB) to monitor and assess potential threats to financial stability arising from macro-economic and systemic developments;
• four acts (three regulations and one directive) to establish a European System of Financial Supervisors (ESFS) consisting of a network of national financial supervisors working in tandem with three new European Supervisory Authorities (ESAs) in the area of securities (ESMA), banking (EBA), insurance and occupational pensions (EIOPA).

Two other legislative acts are subject to modifications in order to adapt them to the creation of this new European supervisory scheme:

• The 2009 Regulation on credit rating agencies is subject to a June 2010 draft Regulation transferring supervisory competences to the new European Securities and Markets Authority (ESMA);
• The Market Abuse Directive was subject in June 2010 to a public consultation with a view to increasing the enforcement powers, sanctions and cooperation between national securities authorities. A draft directive is to be published by the end of 2010.

The scholarship for this conference (sponsored by Deutsche Bundesbank, central office Mainz) has already been granted.