GENERAL Financial Supervision of the EU. In order to put into action the conclusion of the European Council and Euro Area summit at the end of June 2012, on 12 September 2012 the Commission adopted a set of legislative proposals on the establishment of a single supervisory mechanism for banks led by the European Central Bank.
The set was accompanied by a Communication on a roadmap for completing the banking union over the coming years. Already in September 2009 the Commission brought forward proposals to replace the EU's existing supervisory architecture with a European system of financial supervisors (ESFS), consisting of three European Supervisory Authorities – a European Banking Authority, a European Securities and Markets Authority, and a European Insurance and Occupational Pensions Authority. The three European supervisory authorities (ESAs) and a European Systemic Risk Board (ESRB) were established as from January 2011 to replace the former supervisory committees.
Cross-border mergers and acquisitions. ESRB : European Systemic Risk Board. EBA - European Banking Authority. ESMA: Securities and Market Authorities. EIOPA: Insurance and Pensions Supervision.