Helmut Ettl, Executive Director of the Austrian Financial Market Authority (FMA) was yesterday elected as a Member of the Management Board of the European Banking Authority (EBA), based in Paris, for a two-and-a-half year term. This control instance is composed of the EBA Chairperson as well as six further representatives with voting rights from the 27 national supervisory authorities; in addition the EBA Executive Director as well as a Representative of the European Commission also participate at its meetings. The Management Board’s duty is to ensure that the authority fulfils its legal mandate in an orderly manner, and performed the duties that are conferred upon it in an appropriate manner. Its tasks include proposing the annual working plan, the annual budget plan, the authority’s staffing plan and annual report.<\/p>
The European Banking Authority (EBA)<\/em><\/strong><\/p> As the banking supervision authority of the European Union, EBA’s primary objective is to improve the functioning of the internal market for banks, by means of appropriate, effective and harmonised supervision and regulation at a European level. This primarily occurs in drawing up Binding Technical Standards and Guidelines in order to contribute to the European Single Rulebook for the financial sector. This Single Rulebook is intended to create common and harmonised supervisory rules for financial institutions in the EU, and thereby contribute towards the creation of a level playing field as well as ensuring the protection of depositors, investors and consumers. Furthermore it has to promote the alignment of supervisory practices, in order to ensure that supervisory rules are applied in a harmonised manner. In addition, EBA has the mandate to assess risks and weaknesses in the EU banking sector in particular by means of regular risk assessment reports and European stress tests. Further tasks cover the investigation of inadequate application of EU law by national authorities, being empowered to pass resolutions in crisis situations, conciliation between competent authorities in cross-border disputes as well as providing independent advice to the European Parliament, the Council of the European Union, and the European Commission.<\/p> Journalists may address further enquiries to:<\/strong><\/p> Klaus Grubelnik<\/p> FMA Media Spokesperson<\/p> +43 \/ (0)1 \/ 24959-6006 or +43 \/ (0)676 \/ 88 249 88249516<\/p>\n","protected":false},"excerpt":{"rendered":" FMA Executive Director elected to the Management Board of the European Banking Authority (EBA)<\/p>\n","protected":false},"author":60,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[80],"tags":[],"class_list":["post-33671","post","type-post","status-publish","format-standard","hentry","category-press-release"],"yoast_head":"\n