European Supervisory Authorities

Abstract

This study looks into the basic lines of the institutional structure and functions of the new European Supervisory Authorities (ESF): the European Banking Authority (EBA), the European Securities Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA). Within the framework of the reforms adopted in reaction to the financial crisis, the creation of the ESF is a step forward in the process of progressive comunitarisation of supervision and regulation in the EU, going clearly beyond the cooperation schemes of the former European committees of supervision which they replace assuming their aquis. Within the taxonomy of EU entities and institutions, the ESF may be labeled «regulatory agencies». As agencies, their regulatory powers are limited and, by definition, delegated. Notwithstanding, their formal patterns may lead to underestimating their importance, as there may be no doubt about their future salient role as primary material sources of financial law. Their coordination capabilities place them clearly supra partes with regard to National authorities in their respective scopes. They are also an essential part of what may now properly be named the European regulatory, supervisory and crisis management architecture, distinguishable from a mere network of National authorities.