December 13, 2012 Following the collapse of the Bank of Credit and Commerce International (BCCI) and Barings Bank – the so-called Financial Stability Authority (FSA) was set up in the UK in 1998, a supervisory body that since 2001 has integrated the responsibilities of all other financial sector supervisors. . Given London’s reputation as Europe’s most developed financial center, the unification of financial supervision quickly gained followers: Ireland, Germany, Austria, Australia, Estonia, Hungary, the Czech Republic, Denmark, Latvia, Lithuania, Malta, Poland, Slovakia, Finland, Sweden. The dominant model in the European Union is that of the single supervisory authority of the financial sector, 15 Member States currently having this supervisory structure (either at the level of the central bank or as a separate authority, Financial Supervision Authority-FSA). The draft normative act creates the conditions for the implementation and consistent application of a single set of supervisory rules for the capital market, the insurance sector and private pension funds, favoring the efficient and coherent adoption of the recommendations of the European supervisory authorities. The President of this structure will be appointed by the Parliament and will work together with the National Bank and the European Central Bank. On January 1, 2011, the entities that make up the new European financial supervision architecture were established. Thus, the European System of Financial Supervision consists of: – The European Systemic Risk Board (ESRB) responsible for macro-prudential oversight at European level, which is an independent body without legal personality, operating within the European Central Bank; – EUROPEAN SUPERVISORY AUTHORITIES (ESA) with competences of microprudential regulation and coordination of colleges of supervisors, namely: European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), European Authority for Capital Markets (ESMA).

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