Waving the pan-European regulatory net
While the ESRC is proposed as a new regulator with unprecedented powers and reach, the European System of Financial Supervisors is designed to promote coordination among existing regulators, and is made up of the following:
I. Steering Committee:
Representatives of the three European Supervisory Authorities and the Commission.
II. Three European Supervisory Authorities [the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities Authority]:
Board of Supervisors of each European Supervisory Authority: Chairperson of the European Supervisory Authorities, and
Chairpersons from the appropriate national supervisory authorities.
A Commission representative;
A representative of the ESRC, and
A representative from the appropriate national supervisory authority of each EFTA-EEA country. Management Board of each European Supervisory Authority:
Representatives from the appropriate national supervisory authorities and the Commission.
III. National supervisory authorities