European Supervisory Framework

ESMA forms part of the European System of Financial Supervison. This system consists of the European Systemic Risk Board (ESRB) and the three European Supervisory Authorities, ESMA based in Paris, the European Banking Authority (EBA) based in London and the European Insurance and Occupational Pensions Authority (EIOPA) based in Frankfurt.
The ESRB monitors and assess potential threats to financial stability that arise from macro-economic developments and from developments within the financial system as a whole (“macro-prudential supervision”).

ESMA contributes to the work of the ESRB, by providing data and undertaking stress tests in close co-ordination with the fellow ESA's and the ESRB. ESMA is also a voting member of the the ESRB's General Board, along with the other European Supervisory Authorities, the European Commission, the President and Vice-President of the European Central Bank, the Governors of the national central banks, the Chair and Vice-Chairs of the ESRB's Advisory Scientific Committee and the Chair of its Advisory Technical Committee.

Along with the two other European Supervisory Authorities, EBA and EIOPA, ESMA forms part of the Joint Committee which works to ensure cross-sectoral consistency and joint positions in the area of supervision of financial conglomerates and on other cross-sectoral issues.

European Supervisory Framework