Hardly endorsed the groundwork for future financial supervisory authority controversial. In particular, insurers say they are vigilant French on several points, and advocate a better balance in the Committee of systemic risks.
Hardly endorsed the policy consensus found Wednesday night between the finance ministers of the European Union on the future European architecture of financial supervision raises a number of reactions. Among them, those of French insurers, who deplore once again the under-representation of the profession within the future European Committee of systemic risks. "The representation of insurers is at least modest: one representing the 33 members with voting rights, and one of the 12 that comprise the steering committee … But we believe that this organization, which will have a role lookout particularly important, must receive the plurality of cultures that exist within the investment community to better identify the risks of tomorrow, which we do not know where they are coming or what exactly they are, "says Jean – François Lequoy, General Delegate of the FFSA.
Vigilance Technical Standards
Regarding the three European authorities to control markets, banking and insurance, the federation says it is "vigilant" on the issue of technical standards that will in future issue of future European authority. In the eyes of insurers, it must indeed ensure that the supervisory authority intervenes in key points of regulation, which must remain the remit of the Commission, Parliament or Council. The FFSA also supports the idea of voting by qualified majority, better suited than the simple majority vote. Finally, last point of "vigilance" to the federation: the power of adjudication vested in the future European authority in cases of disagreement between national supervisors does not call into question the fact that approval of internal models is ultimately the responsibility the group supervisor.