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Xac October 15, 2009 London


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EU Commission presentation at the XBRL Advisory Council (XAC) of the International Accounting Standards Committee Foundation (IASCF)

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Xac October 15, 2009 London

  1. 1. EU’s Supervisory Reform Piotr Madziar – European Commission 15 October 2009, XAC - London
  2. 2. Topics • European Commission proposal for supervisory reform • EU Agenda • Next steps?
  3. 3. XBRL driving forces XBRLSimplification Crisis Stoiberg De Larosiere G20 EU Council EP COM MS
  4. 4. De Larosiere Reform • Financial crisis driven • Position of national regulators? • Global aspect • Commission absolute priority.
  5. 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. 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. 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. 8. Proposed structure for Securites and Markets ESMA – European Securities & Markets Authority Chairperson Mgt Board Executive Director ECA - European Court of Auditors OLAF – l’Office européen de lutte anti-fraude European Commission € Securities & Markets Stakeholder Group Board of Supervisors
  9. 9. Appeal processes EU Court of First Instance EU Council - QMV Member StateMember State Member State Board of Appeal for 3 ESAs ESMA NSA NSA NSA EU Court of Justice
  10. 10. ESFS ESFS - EU System of Financial Supervisors ESMA - European Securities and Markets Authority EIOPA - European Insurance and Occupational Pension Authority EBA - European Banking Authority Joint Committee of European Supervisory Authorities College of Supervisors NSA NSA NSA – National Supervisory Authority NSA NSA NSA NSA NSA NSA NSA NSA NSA
  11. 11. ESRB – EU Systemic Risk Board ESRB – European Systemic Risk Board ECB ESFS – European System of Financial Supervision 3rd Countries & Int’l
  12. 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).
  13. 13. Contacts • DG Internal Market & Services website: • Piotr Madziar +32-(0)2-2950869