The European System of Financial Supervisors (ESFS), established in 2010, is a network of micro-prudential and macro-prudential authorities designed to ensure harmonised and consistent financial supervision in the EU.
The ESFS includes: European Securities and Markets Authority (ESMA), European Insurance and Occupational Pensions Authority (EIOPA), European Banking Authority (EBA), European Systemic Risk Board (ESRB) and the ESAs Joint Committee. The Romanian Financial Supervisory Authority (ASF) participates in the work of the relevant European organisations as a member.
The European Securities and Markets Authority (ESMA) is established under Regulation (EU) No 1095/2010 of the European Parliament and of the Council establishing a European Supervisory Authority (European Securities and Markets Authority) is the competent authority with a role in providing technical expertise to the European Parliament, the Council of the European Union and the European Commission in the field of securities regulation and supervision.
ESMA contributes to preserving the stability of the European financial system and improving investor protection by ensuring the integrity, transparency, efficiency and orderly functioning of securities markets.
As an independent institution, ESMA achieves its objective by developing a single regulatory framework for the EU financial markets within its remit and ensuring its uniform application across the European Union. ESMA's regulatory powers in the securities sector include developing technical standards, issuing guidelines and recommendations and providing opinions in ESMA's field of competence.
The Financial Supervisory Authority (ASF) is a member of ESMA and, as such, participates both in the process of drafting working documents in working groups and standing committees (primary and secondary legislation, guidelines and recommendations, reports, opinions, technical opinions for the European Commission) and in the decision-making process in meetings of the Board of Supervisors (BoS).
The Financial Supervisory Authority is a signatory to the Multilateral Cooperation Agreement (ESMA MMoU) of 2006, which creates the framework for exchanging information with similar national authorities in the European Union in order to achieve its objectives.
The European Systemic Risk Board (ESRB) is established under Regulation (EU) No 1092/2010 of the European Parliament and of the Council on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board is the competent authority responsible for macro-prudential oversight of the EU financial system, with a central role in identifying and monitoring systemic risks and making recommendations to prevent or mitigate them.
In order to achieve its objectives, the ESRB collects and analyses all relevant systemic risk information; identifies and categorises systemic risks, issues warnings and makes recommendations for remedial action in response to identified risks.
The Financial Supervisory Authority is a member of the ESRB and participates, in this capacity, in the process of drafting working documents in working groups, as well as in meetings of the General Board (GB) without voting rights.
The European System of Financial Supervisors (ESFS) also includes: