The European Insurance and Occupational Pensions Authority (EIOPA) welcomes the European Commission's proposal "Reinforcing integrated supervision to strengthen Capital Markets Union and financial integration in a changing environment", published today.
EIOPA strongly believes in an integrated and holistic approach towards prudential and conduct of supervision. Divergent supervisory standards and outcomes need to be avoided.
Further enhancing supervisory convergence through consistent application of supervisory practices across the European Union contributes to mitigating risks and thereby improving the protection of beneficiaries and policyholders as well as safeguarding financial stability for the benefits of all European citizens.
Gabriel Bernardino, Chairman of EIOPA, said: "EIOPA is ready to take on the proposed stronger role on supervisory convergence."
EIOPA stands ready to support the European Commission, the European Parliament and the Council in the upcoming discussions.