Sharon Bowles MEP visits Frankfurt for launch of new European Supervisory Authority

Sharon Bowles MEP, who represents South East England at the European Parliament, will tonight speak at a dinner hosted by City of Frankfurt celebrating the launch of EIOPA, the European Insurance and Occupational Pensions Authority.

EIOPA is one of the three new European Supervisory Authorities (ESAs), along with ESMA, which oversees Securities and Markets, and EBA, which oversees Banking.

Ahead of the event in Frankfurt, Sharon said:

"The ESAs are a big step up in the creation of a single set of rules and same levels financial supervision over the whole of the EU.

"The European Parliament proposed upgrading of the old committees like CEIOPS long ago and we are delighted that this has finally taken place under the guidance of De Larosière and the subsequent supervision package legislation we agreed last year.

"The ESAs all face challenges in the tasks ahead, on a budget and staff level - which the Parliament wishes were greater. However it has already been interesting to hear of the real changes in powers that are being exercised over the course of the discussions and hearings which we have had with the Chair and Executive Director in recent weeks.

"I have every confidence that EIOPA will be a great success and I look forward to a strong and cooperative engagement with the Parliament".

"Sharon will be speaking alongside EU Commissioner for Internal Market and Financial Services, Michel Barnier, and the Chairman of EIOPA, Gabriel Bernadino. She will also speak at the EBA on Friday and at ESMA in May."

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