3. XBRL driving forces Simplification - Reduction of Admin Burden De Larosiere Reform EU Council EP MS G20 Corporate governance and transparency E-Gov, Information Society, EU Competitivenss XBRL Simplification Crisis COM De Larosiere Stoiberg
4. De Larosiere Reform Financial crisis driven Position of national regulators? Global aspect Commission absolute priority.
5. European Parliament Resolution on Lamfalussy follow-up: future structure of supervision (September 2008) Calls upon the L3 Committees to design common reporting standards Multi-purpose format such as XBRL Throughout the EU Calls upon the Commission to submit adequate legislative proposals
6. De Larosiere proposal Commission’s proposal of 23 September 2009 ESRB and ESFS = ECB + ESAs + national regulators+… Banking: colaterals, capital, fund transfer reg,… Insurance: insurance and reinsurance, conglomerates, institutions, Solvency II, anti money laundering,… Securities & Markets: transparency, markets in FI, market abuse, prospectuses, hedge funds, CRA, take-over bids, settlements, financial collateral arrangements, ... Technical standards,… XBRL? Links to international standard setters,… XBRL?
7. More powers for ESAs Technical standards but criteria in Community legislation Flow of information Supervisory culture and supervisory practices Last resort option in case of disagreement Training programmes Aggregate micro-prudential information from national supervisors Set-up a Central European Database. The information will be available for the relevant authorities in colleges of supervisors and forwarded to the European Systemic Risk Council Technical arrangements with international organisations and administrations of third countries.
8. Proposed structure for Banking € EBA– EuropeanBankingAuthority European Commission Chairperson ECA - European Court of Auditors Executive Director Mgt Board OLAF – l’Office européen de lutte anti-fraude BankingStakeholderGroup Board of Supervisors
9. Appeal processes EU Council - QMV Board of Appeal for 3 ESAs EBA QMV Member State Member State NSA NSA NSA EU Court of First Instance EU Court of Justice
10. Joint Committee of European Supervisory Authorities EIOPA - European Insurance and Occupational Pension Authority EBA - European Banking Authority NSA NSA NSA College of Supervisors NSA NSA NSA – National Supervisory Authority NSA NSA NSA NSA NSA NSA ESFS ESFS - EU System of Financial Supervisors ESMA - European Securities and Markets Authority
11. Information exchange 3rd Countries & Int’l ECB Information exchange Information exchange ESRB – European Systemic Risk Board ESFS – European System of Financial Supervision ESRB – EU Systemic Risk Board
12. Practicalities, Agenda Financial assistance 37- 70 M€ in years 2011-2016 40% from the Community budget London, Paris, Frankfurt Status similar to EU Agency 74-90 staff (2016) EU Staff Regulation (independence, impartiality).
24. Bankers dominance in ESRB, disregarding the fact that the choice between security and price is a democratic trade-off decision taken by governments, for the citizens.
