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On 21 March 2019, the Romanian Presidency of the Council and the European Parliament announced that they had reached a provisional agreement on the reform of the European system of financial supervision, which includes in particular the three European Supervisory Authorities (ESAs). The reform of the operation of the ESAs has been high on the agenda of European policymakers since the Commission’s original proposal was made public in September 2017.
The Association of the Luxembourg Fund Industry (ALFI) takes good note of this provisional agreement. While further work will be required after a final agreement is reached and the different texts are published, ALFI would like to make the following observations on three main subjects, which are critical to the success of...
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