The International Regulatory Strategy Group (IRSG) welcomes the opportunity to respond to the Commission’s consultation into the operation of the European Supervisory Authorities (ESAs).
The UK and the UK-based financial and related professional services industry have both contributed to the development of, and been subject to, the European System of Financial Supervision (ESFS) since its formation in 2010.
The IRSG highlights the following four key areas in its response:
- Improving coordination between the ESAs, the Commission and National Competent Authorities (NCAs) including those of European neighbourhood partners.
- Promoting international regulatory coherence and convergence, where it is felt the ESAs play globally leading roles.
- Increasing interoperability between legislation to ensure minimisation of gaps, consistency and appropriate scheduling.
- mplementation of a streamlined system for data reporting.