Strengthening mutual trust between European financial supervisors
- PDF / 800,396 Bytes
- 26 Pages / 439.37 x 666.142 pts Page_size
- 66 Downloads / 178 Views
Strengthening mutual trust between European financial supervisors Christopher P. Buttigieg1
Published online: 25 April 2017 © ERA 2017
Abstract This paper posits the view that mutual trust between national financial supervisors in the EU is presently weak. This has an impact on the level of cooperation and coordination between these supervisors, resulting in barriers to cross-border business and failures in the supervision of cross-border financial group structures. The central argument of the paper is that these serious concerns may be addressed if mutual trust between national financial supervisors is strengthened through specific measures, such as: (i) broader and better initiatives for supervisory convergence, including convergence of the institutional models for national financial supervision, preferably by more direct involvement of central banks in micro-prudential and conDr. Christopher P. Buttigieg is the Director of the Securities and Markets Supervision Unit of the Malta Financial Services Authority (‘MFSA’) and is a member of the Authority’s Supervisory Council. He is also the MFSA alternate member on the European Securities and Markets Authority (‘ESMA’) Board of Supervisors. Dr. Buttigieg has a D.Phil. in Law Studies from the University of Sussex (UK) and is a lecturer in the Banking and Finance Department of the University of Malta. The paper is based on a presentation delivered by the author during the Federation of European Stock Exchange’s annual conference and the general meeting of the European Fund and Asset Management Association both held in Malta respectively on the 16th and the 17th June 2016. The salient points made in this paper were also presented during the Academy of European Law Conference on Financial Supervision held on the 1–2nd December 2016 in Brussels and the Annual Banking and Finance Conference organized by the University of Malta on the 7th March 2017. The author would like to thank Dr. John Consiglio, Senior Lecturer, University of Malta and Governor on the board of the Malta Financial Services Authority, Dr. David Fabri, Head of Commercial Law Department, University of Malta, Dr. Miriam Goldby, Reader in Law, Queen Mary, University of London (UK), Mr Alfred Mifsud, Deputy Governor of the Central Bank of Malta and Professor Eddy Wymeersch, University of Ghent (Belgium) and former Chair of the Committee of European Securities Regulators, for their comments on the content of the paper. The views expressed in this paper are those of the author at the time of writing and do not necessarily reflect the MFSA’s or ESMA’s position.
B Dr. C.P. Buttigieg
[email protected]
1
University of Malta, Msida, Malta
42
Dr. C.P. Buttigieg
duct supervision; and (ii) the setting up of a European Academy for Financial Supervisors. Keywords CPB: Central Bank · ESMA · European Academy for Financial Supervisors · Financial regulation · Financial supervision · Mutual trust · Reflexive governance · Supervisory convergence
“We can easily forgive a child who is afraid of the dark; the real t
Data Loading...
