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The EBA was established on 1 January 2011 as part of

the European System of Financial Supervision (ESFS).

It took over all existing responsibilities and tasks of

its predecessor, the Committee of European Banking


The European System of Financial


The ESFS is comprised of the three European supervisory

authorities (ESAs): the EBA, the European Securities and

Markets Authority (ESMA), the European Insurance and

Occupational Pensions Authority (EIOPA), as well as the

European Systemic Risk Board (ESRB), the Joint Com-

mittee of the ESAs, the European Central Bank (ECB) and

the Member States’ competent supervisory authorities.

The main purpose of the ESFS is to ensure the efficient

functioning of the single market through a regulatory and

supervisory framework that can be applied evenly in all

28 EU Member States. While supervisory authorities re-

main in charge of supervising individual financial institu-

tions across EU jurisdictions, the three ESAs improve the

functioning of the internal market by providing pan-EU

regulation and harmonising supervisory practices in the

EU. The task of the ESAs is to bring uniform rules and

common supervisory approaches across the bloc.