Longer consultation periods to regulation issued by European financial supervisors
Lower-level regulation for the financial industry is becoming more frequent in the EU. Such regulation includes guidelines and standards from European financial supervisory authorities and supplements to directives and regulations. The preparation of new rules needs more political control, transparency and uniformity.
The financial crisis gave the final push for new EU-level financial supervisory authorities in 2011. Four were established: the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), the European Securities and Markets Authority (ESMA), and the European Systemic Risk Board (ESRB).
The Finnish financial industry wishes that the supervisory authorities would tighten their co-operation and increase transparency during the preparation of regulation as well as during their work with stakeholder groups.