scholarly journals Financial Supervision in the EU: Is There Convergence in the National Architectures?

2008 ◽  
Author(s):  
Donato Masciandaro ◽  
Maria J. Nieto ◽  
Marc Quintyn
Keyword(s):  
Financial Supervision ◽  
The Eu

Adapting the European System of Financial Supervision (ESFS) to the EEA Two-Pillar Structure – A Workable Solution?

2019 ◽  
Vol 16 (5) ◽  
pp. 557-591
Author(s):  
Andri Fannar Bergþórsson
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
National Level ◽  
Financial Supervision ◽  
Member States ◽  
Eu Member States ◽  
European System ◽  
Pillar Structure ◽  
The Global Financial Crisis ◽  
The Eu

In response to the global financial crisis, the European System of Financial Supervision (ESFS) was created in 2010. Supranational bodies were established for different financial sectors to act as supervisors of sorts for national-level supervisors in EU Member States. This article focuses on how the system was adapted to three EFTA States that are not part of the EU but form the internal market along with EU Member States through the EEA Agreement – Iceland, Norway and Lichtenstein (EEA EFTA States). The aim is to clarify how ESFS has been incorporated into the EEA agreement and to discuss whether this a workable solution for the EEA EFTA States that have not transferred their sovereignty by name in the same manner as the EU Member States. One issue is whether the adaptation has gone beyond the limits of the two-pillar structure, as all initiative and work stem from the EU supranational bodies and not the EFTA pillar.

scholarly journals The restructuring of financial supervision in the EU

European View ◽  
2009 ◽  
Vol 8 (1) ◽  
pp. 3-12 ◽  
Author(s):  
Roel Beetsma ◽  
Sylvester Eijffinger
Keyword(s):  
Financial Supervision ◽  
The Eu

Estonia affair will tighten checks on money laundering

2018 ◽  
Keyword(s):  
United Kingdom ◽  
Money Laundering ◽  
Financial Supervision ◽  
Criminal Investigation ◽  
Market Segments ◽  
Content Type ◽  
The United Kingdom ◽  
Illicit Flows ◽  
The Impact ◽  
The Eu

Subject The impact of the recent money laundering scandal. Significance Danske Bank has lost 28,000 private customers in Denmark between January and June 2018, Reuters reported on August 14. The unfolding money-laundering scandal at Danske Bank’s Estonian branch has sparked a criminal investigation and put the failings of financial supervision under the spotlight in both Estonia and Denmark. Danske Bank, Denmark’s largest lender, has shut down its Estonian operations. The process will be costly for Danske Bank in terms of both money and reputation. It also serves to draw further attention to illicit flows from former Soviet states to the EU. Many countries, including the United Kingdom, have already tightened their legislation accordingly. Impacts The bank will find it more difficult to expand its operations outside its traditional geographical territories. Tighter EU regulations against money-laundering will increase banks’ compliance costs. Some market segments, such as non-resident operations, may become just too costly to service.

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