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EIOPA
The European Insurance and Occupational Pensions Authority (EIOPA) is a European Union financial regulatory institution that replaced the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). It is established under EU Regulatio1094/2010 EIOPA is one of the three European Supervisory Authorities responsible for microprudential oversight at the European Union level, being part of the European System of Financial Supervision. Current chair is Petra Hielkema. History CEIOPS (2003–10) was established under the terms of European Commission's Decision 2004/6/EC of 5 November 2003, currently repealed and replaced by Decision 2009/79/EC, and is composed of high level representatives from the insurance and occupational pensions supervisory authorities of the European Union's Member States. The authorities of the European Economic Area Member States also participated in CEIOPS. CEIOPS Secretariat was located in Frankfurt am Main. CEIOPS was a Level-3 Committee of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gabriel Bernardino
Gabriel Rodrigo Ribeiro Tavares Bernardino (born 1964) is a Portuguese mathematician who has been serving as the Chairman of the European Insurance and Occupational Pensions Authority (EIOPA) from 2011 to 2021. Early life and education Bernardino was born in Bombarral, a village north of Lisbon. His father was a farmer. He holds degrees in mathematics and statistics from the NOVA University Lisbon, Universidade Nova de Lisboa. Career During Portugal's presidency of the Council of the European Union in 2007, Bernardino chaired the initial Council working group responsible for negotiating the Solvency II Directive 2009, Solvency II directive and the Accounting Expert Group. From 2009 to early 2011, he served as Chairman of the managing board of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), EIOPA's predecessor. Bernardino took up the post of chairman of the newly created European Insurance and Occupational Pensions Authority on 1 March 2011, for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European System Of Financial Supervision
The European System of Financial Supervision (ESFS) is the framework for financial supervision in the European Union that has been in operation since 2011. The system consists of the ''European Supervisory Authorities'' (ESAs), the European Systemic Risk Board, the Joint Committee of the European Supervisory Authorities, and the national supervisory authorities of EU member states. It was proposed by the European Commission in 2009 in response to the financial crisis of 2007–08. There are three European Supervisory Authorities (ESAs). They are responsible for microprudential oversight at the European Union level: * The European Banking Authority (EBA) in Paris; * The European Securities and Markets Authority (ESMA) in Paris; and * The European Insurance and Occupational Pensions Authority (EIOPA) in Frankfurt. To complement these authorities, the European Systemic Risk Board (ESRB) is responsible for macroprudential oversight across the European Union. It includes representat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European System Of Financial Supervisors
The European System of Financial Supervision (ESFS) is the framework for financial supervision in the European Union that has been in operation since 2011. The system consists of the ''European Supervisory Authorities'' (ESAs), the European Systemic Risk Board, the Joint Committee of the European Supervisory Authorities, and the national supervisory authorities of EU member states. It was proposed by the European Commission in 2009 in response to the financial crisis of 2007–08. There are three European Supervisory Authorities (ESAs). They are responsible for microprudential oversight at the European Union level: * The European Banking Authority (EBA) in Paris; * The European Securities and Markets Authority (ESMA) in Paris; and * The European Insurance and Occupational Pensions Authority (EIOPA) in Frankfurt. To complement these authorities, the European Systemic Risk Board (ESRB) is responsible for macroprudential oversight across the European Union. It includes representat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agencies Of The European Union
The agencies of the European Union (formally: ''Agencies, decentralised independent bodies, corporate bodies and joint undertakings of the European Union and the Euratom'') are bodies of the European Union and the Euratom established as juridical persons through secondary EU legislation and tasked with a specific narrow field of work. They are distinct from: * international law juridical persons established through primary (treaty) legislation, either as an EU institution (the European Central Bank) or an EU body of other type (such as the European Investment Bank Group entities, the European University Institute, the European Stability Mechanism or the Unified Patent Court) * other EU institutions * other EU bodies lacking juridical personality, including the advisory bodies, the independent offices held by a single person (European Ombudsman, European Data Protection Supervisor), and the (non-independent, auxiliary) EU inter-institutional services, regardless whether establis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frankfurt Am Main
Frankfurt, officially Frankfurt am Main (; Hessian: , "Frank ford on the Main"), is the most populous city in the German state of Hesse. Its 791,000 inhabitants as of 2022 make it the fifth-most populous city in Germany. Located on its namesake Main River, it forms a continuous conurbation with the neighboring city of Offenbach am Main and its urban area has a population of over 2.3 million. The city is the heart of the larger Rhine-Main metropolitan region, which has a population of more than 5.6 million and is Germany's second-largest metropolitan region after the Rhine-Ruhr region. Frankfurt's central business district, the Bankenviertel, lies about northwest of the geographic center of the EU at Gadheim, Lower Franconia. Like France and Franconia, the city is named after the Franks. Frankfurt is the largest city in the Rhine Franconian dialect area. Frankfurt was a city state, the Free City of Frankfurt, for nearly five centuries, and was one of the most import ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lamfalussy Process
The Lamfalussy process is an approach to the development of financial service industry regulations used by the European Union. Originally developed in March 2001, the process is named after the chair of the EU advisory committee that created it, Alexandre Lamfalussy. It is composed of four "levels", each focusing on a specific stage of the implementation of legislation. At the first level, the European Parliament and Council of the European Union adopt a piece of legislation, establishing the core values of a law and building guidelines on its implementation. The law then progresses to the second level, where sector-specific committees and regulators advise on technical details, then bring it to a vote in front of member-state representatives. At the third level, national regulators work on coordinating new regulations with other nations. The fourth level involves compliance and enforcement of the new rules and laws. The Lamfalussy process has provided a significant impetus in d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Regulation
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law. History In the early modern period, the Dutch were the pioneers in financial regulation. The first recorded ban (regulation) on short selling was enacted by the Dutch authorities as early as 1610. Aims of regulation The objectives of financial regulators are usually: * market confidence – to maintain confidence in the financial system * financial stability – contributing to the protection and e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Commissioner For Internal Market And Services
The Commissioner for Internal Market is a member of the European Commission. The post is currently held by Commissioner Thierry Breton. Responsibilities The portfolio concerns the development of the 480-million-strong European single market, promoting free movement of people, goods, services and capital. Thus it is clearly a leading role but has become more complex as the single market for services has developed. A large area of work is now financial services, a politically sensitive topic for some member states (notably, the UK). The Commissioner controls the Directorate-General for Internal Market and Services, Directorate-General for Communications Networks, Content and Technology and the Office for Harmonization in the Internal Market.Who’s who in the new Commission ''Financial Times'', Nov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Solvency II
Solvency II Directive 20092009/138/EC is a Directive in European Union law that codifies and harmonises the EU insurance regulation. Primarily this concerns the amount of capital that EU insurance companies must hold to reduce the risk of insolvency. Following an EU Parliament vote on the Omnibus II Directive on 11 March 2014, Solvency II came into effect on 1 January 2016. This date had been previously pushed back many times. Aims EU insurance legislation aims to unify a single EU insurance market and enhance consumer protection. The third-generation Insurance Directives established an "EU passport" (single licence) for insurers to operate in all member states if they fulfilled EU conditions. Many member states concluded the EU minima were not enough, and took up their own reforms, which still led to differing regulations, hampering the goal of a single market. Political implications of Solvency II A number of the large Life Insurers in the UK are unhappy with the way the leg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been described as a '' sui generis'' political entity (without precedent or comparison) combining the characteristics of both a federation and a confederation. Containing 5.8per cent of the world population in 2020, the EU generated a nominal gross domestic product (GDP) of around trillion in 2021, constituting approximately 18per cent of global nominal GDP. Additionally, all EU states but Bulgaria have a very high Human Development Index according to the United Nations Development Programme. Its cornerstone, the Customs Union, paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Sovereign-debt Crisis
The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, is a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone member states (Greece, Portugal, Ireland, Spain, and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF). The eurozone crisis was caused by a balance-of-payments crisis, which is a sudden stop of foreign capital into countries that had substantial deficits and were dependent on foreign lending. The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of the national currency) due to having the Euro as a shared currency. Debt accumulation in some eurozone members was in part due t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Systemic Risk Board
The European Systemic Risk Board (''') is a group established on 16 December 2010 in response to the ongoing financial crisis. It is tasked with the macro-prudential oversight of the financial system within the European Union in order to contribute to the prevention or mitigation of systemic risks to financial stability in the EU. It shall contribute to the smooth functioning of the internal market and thereby ensure a sustainable contribution of the financial sector to economic growth. The ESRB is a macro-prudential oversight body of the EU and it is part of the European System of Financial Supervision (ESFS), the purpose of which is to ensure the supervision of the EU's financial system. As a body lacking juridical personality, the ESRB relies on hosting and support by the European Central Bank. It includes representatives from the ECB, national central banks and supervisory authorities of EU member states, and the European Commission. Overview The operation of the board has ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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