Amendments/powers of banking, insurance and financial markets authorities

Amendments/powers of banking, insurance and financial markets authorities

The EESC supports the Commission in its work designed to provide supervisory authorities in the sector with powers enabling them to define common technical standards and resolve differences between national authorities. It approves of the way in which relations between supervisory authorities are moving towards a consensual method of resolving any differences regarding practices in areas where provision has been made for joint decision-making processes. Like the Commission, it feels that a clear distinction should be made between, on the one hand, those issues which are technical and, on the other, those which are political and a matter for Community institutions that have a political mandate.

The EESC calls on the Commission to be ambitious when undertaking the work in its programme to put the finishing touches to the changes that are underway and when considering the technical standards to be applied in the securities sector and the expected directives on insurance and occupational pensions.