On the 21st of March, the European Commission launched a public consultation on the Operations of the European Supervisory Authorities. Commissioner Dombrovskis declared that the Brexit has made the need to reform these authorities more urgent.
One of the main idea submitted by the European Commission is to increase the power of ESAs so they can redouble their focus on supervisory convergence.
Welcomed by the opinion, the reform will no doubt be challenging. In an article on published this week, the AGEFI presents the stakes at plays and the challenges.
Interviewed by the AGEFI Hebdo, Guillaume, Managing Director of BETTER FINANCE underlined that this reform represents a good opportunity but will be difficult. For instance, life-insurance contracts follow the standards established by EIOPA but their content is under the supervision of ESMA.
Read AGEFI full article on the reform of the ESAs here ( in French)