The EU\u00a0 established s supervisory and regulatory committees to give practical effect to the achievement of a single market in financial services in accordance with the framework set out in the Financial Services Action Plan.<\/p>\n
The European Securities Committee and the Committee of European Securities regulators were established in 2001 to improve the regulation and supervision of securities market.\u00a0 They provide an advisory role in implementing high-level principles in certain financial services directives.<\/p>\n
The CESR assists the Commission in relation to securities regulation.\u00a0 It submits its opinion on measures implementing the principles in the general framework directives.\u00a0 It may act of its own initiative or at the request of the commission. In a regulatory capacity, it seeks to ensure that EU legislation is applied uniformly.<\/p>\n
It is responsible for carrying out reciprocal assessments promoting best practice and publishing guidelines and recommendations. It organises consultation of market participants, consumers and others.\u00a0 It provides a link between the Commission and national authorities.<\/p>\n
It promotes the exchange of information between authorities.\u00a0 It advises ministries of finance and national central banks in relation to risks and problematical matters.\u00a0 It provides a twice-yearly assessment of micro-prudential trends, risks and weaknesses in the security sector to the Commission.<\/p>\n
The ESC is comprised of high-level representatives of the states and is chaired by a commission representative.\u00a0 It may invite experts and observers to attend its meetings.\u00a0 The CESR is primarily responsible for the implementation of European Union legislation on a uniform and coherent basis.\u00a0 It acts as a link between the states and the Commission.\u00a0 It contains high-level representatives of national competent authorities in the field of security.<\/p>\n\n
\n <\/div>\n","protected":false},"excerpt":{"rendered":"
Supervisory Authorities Three European supervisory authorities (ESAs) were formed as part of the European Union banking reforms following the financial crisis. The ESAs are part of the ESFS (European System of Financial Supervision) together with the national regulators and the ESRB (European Systematic Risk Board). Each is a separate legal entity with significant autonomy. The […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[128,166],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/1491"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=1491"}],"version-history":[{"count":1,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/1491\/revisions"}],"predecessor-version":[{"id":12280,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/1491\/revisions\/12280"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=1491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=1491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=1491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}