Magazine date:
Feb 2011 The three new European financial supervisory authorities officially came into force on January 1, 2011. The European Insurance and Occupational Pensions Authority (EIOPA), the European Banking Authority (EBA), and The European Securities and Markets Authority (ESMA)) have, henceforth, the power to ensure the smooth functioning of the financial markets in the Union.
In insurance, the EIOPA shall not be a substitute for the national authorities. It will be designed to improve the running of the internal market, ensure its transparency and guarantee its effectiveness. It will also provide greater protection for consumers.