Report on the annual accounts of the European Insurance and Occupational Pensions Authority for the financial year 2016 together with the Authority’s reply
1. In line with the requirement for the European Court of Auditors (ECA) to provide a Statement of Assurance for its annual report on the EU budget, the ECA provides Statements of Assurance on the reliability of the accounts and on the legality and regularity of the underlying transactions for the individual European Agencies. The ECA has published reports on the annual accounts of the three European Supervisory Authorities (ESAs) for the financial year 2016. The ESAs are: the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA). Each report is accompanied by the authority’s replies.
2. The ECA’s annual report on the implementation of the 2016 EU budget was published in the Official Journal of the European Union on 28 September 2017. HM Treasury has submitted an EM on that Report.
3. The ESAs were set up in January 2011 as part of the new European System of Financial Supervision. This was in response to the gap in European supervision that had been exposed by the financial crisis. The ESAs each have a seat in an EU city. The EBA is based in London (but will be relocated to Paris before the UK exits the EU), ESMA is based in Paris and EIOPA is based in Frankfurt.