The European Banking Authority (EBA) based in Paris has named FMA Executive Director Helmut Ettl as the Co-Chair of its “Advisory Committee on Proportionality”. This committee consists of representatives of the EBA, the European Central Bank (ECB), national supervisory authorities as well as EBA’s Banking Stakeholder Group (as observers). Under the principle of proportionality, the scope and depth of regulation and supervision must be appropriate to the complexity and risk profile of a business model. In particular, the committee is required to review and monitor whether the principle of proportionality is duly considered in EBA’s annual work programme, to draw up relevant reviews and to advisory EBA’s Board of Supervisors as well as its Management Board on all issues relating to the proportional design and application of regulations.
“I consider being named Co-Chair as a mark of recognition for banking supervision in Austria, which has brought the topic of proportionality in regulation and supervision of the financial market onto the European agenda by means of a broad range of initiatives. It is an issue that also has particular significance for the financial market – in light of Austria’s economy being centred around small and medium enterprises. A radar system that is appropriate for an ocean going liner, may however be useless for an inland waterway vessel, and may even cause this vessel to capsize,” remarked Ettl.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)676/882 49 516