European System of Financial Supervision
Amendment details· last amended 30 Oct 2013
Last amended 30 Oct 2013 by Regulation (EU) No 1022/2013 of 22 October 2013.
The Authority shall form part of a European System of Financial Supervision (ESFS). The main objective of the ESFS shall be to ensure that the rules applicable to the financial sector are adequately implemented to preserve financial stability and to ensure confidence in the financial system as a whole and sufficient protection for the customers of financial services.
The ESFS shall comprise the following:
the European Systemic Risk Board (ESRB), for the purposes of the tasks as specified in Regulation (EU) No 1092/2010 (opens EUR-Lex in a new tab) and this Regulation;
the Authority;
the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No 1094/2010 (opens EUR-Lex in a new tab) of the European Parliament and of the Council ((8));
the European Supervisory Authority (European Securities and Markets Authority) established by Regulation (EU) No 1095/2010 (opens EUR-Lex in a new tab) of the European Parliament and of the Council ((9));
the Joint Committee of the European Supervisory Authorities (Joint Committee) for the purposes of carrying out the tasks as specified in Articles 54 to 57 of this Regulation, of Regulation (EU) No 1094/2010 (opens EUR-Lex in a new tab) and of Regulation (EU) No 1095/2010 (opens EUR-Lex in a new tab);
the competent or supervisory authorities as specified in the Union acts referred to in Article 1(2) of this Regulation, including the European Central Bank with regard to the tasks conferred on it by Regulation (EU) No 1024/2013, of Regulation (EU) No 1094/2010 (opens EUR-Lex in a new tab) and of Regulation (EU) No 1095/2010 (opens EUR-Lex in a new tab).
The Authority shall cooperate regularly and closely with the ESRB as well as with the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) through the Joint Committee, ensuring cross-sectoral consistency of work and reaching joint positions in the area of supervision of financial conglomerates and on other cross-sectoral issues.
In accordance with the principle of sincere cooperation pursuant to Article 4(3) of the Treaty on European Union, the parties to the ESFS shall cooperate with trust and full mutual respect, in particular in ensuring the flow of appropriate and reliable information between them.
Those supervisory authorities that are party to the ESFS shall be obliged to supervise financial institutions operating in the Union in accordance with the acts referred to in Article 1(2).