European Commission 19 January 2011, Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Directives 2003/71/EC and 2009/138/EC in respect of the powers of the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority

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The proposal for a Directive amends Directives 2003/71/EC and 2009/138/EC to enhance the powers of the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) in response to identified deficiencies in financial supervision following the financial crisis. Key provisions include the establishment of a single rule book for harmonized financial regulations, the empowerment of authorities to develop technical standards, and the integration of transitional requirements to facilitate a smooth transition to new regulatory frameworks. The Directive will be applicable to Member States and aims to ensure effective enforcement and consistent application of financial regulations across the EU.AI