Parliament’s Committee on Economic and Monetary Affairs will vote on Thursday on an overhaul of the architecture of the European financial market supervision. The competencies, the structure, the governance and the financing of the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) will change.

“I want the European financial market supervision to be stronger, more effective and more efficient and to meet the challenges of digitisation and growing interconnectedness of the financial sector”, said the EPP Group’s Othmar Karas MEP, Parliament’s co-rapporteur of the draft law.