European Supervisory Architecture

The three existing committees of supervisory authorities (CEBS, CEIOPS and CESR) were replaced by the European Supervisory Authorities (EBA , EIOPA and ESMA ) from 1 January 2011, with the new authorities having additional competences conferred upon them in addition to also conducting the activities conducted by their predecessors. The European Systemic Risk Board (ESRB ) was established at the same time. Within operative banking supervision, the Financial Market Authority cooperates closely with the European Central Bank within the Single Supervisory Mechanism (SSM ).

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