Amended proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority); Regulation (EU) No 1094/2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority); Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority); Regulation (EU) No 345/2013 on European venture capital funds; Regulation (EU) No 346/2013 on European social entrepreneurship funds; Regulation (EU) No 600/2014 on markets in financial instruments; Regulation (EU) 2015/760 on European long-term investment funds; Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds; Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market; and (EU) Directive 2015/849 on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing

1. On 12 September the Commission published an amendment to the European System of Financial Services (ESFS) proposal, which reviews the European Supervisory Authorities (ESAs) founding Regulations .

2. The original ESFS proposal published on 20 September 2017 sought to create a more convergent and integrated supervisory framework by:
• Increasing the mandate and overall powers of the ESAs;
• Introducing new powers for the European Securities and Markets Authority (EMS); and
• Changing the governance and funding structure of the ESAs.

3. The amended regulation builds upon the original ESFS proposal and seeks to extend the powers of the European Banking Authority (EBA) to play a greater role in enhancing the quality of anti-money laundering (AML) supervision by national supervisory authorities within the financial services sector. It envisages giving the EBA:

• A coordinating role to centralise work on money laundering and terrorist financing across the three European Supervisory Authorities. The Commission believes that this will allow the EBA’s expertise to be optimised, and allow better tracking of the ESAs’ resource dedicated to combatting money laundering.

• The power to collect information about weaknesses identified in the processes and procedures; governance; business models; and activities of EU financial institutions to prevent money laundering and terrorist financing.

Topic  Financial Services 
Department  HMT 
Council Reference  12111/18 
COM Reference  COM(18)646 
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Associated file(s)


  1. 12111/18 - 2 MB - pdf
  2. EM 12111/18 - 166 KB - pdf

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