Gabriel Bernardino, acclaimed mathematician and former president of the European Insurance and Occupational Pensions Authority (EIOPA) from 2011 to 2021, assumes leadership of the ASF—a homecoming to an institution where he served for 22 years, including a tenure as Director-General from 2007 to 2011 before leading the European supervisory body.
During his time at EIOPA, Bernardino was the rotating president of the Joint Committee of the three European Supervisory Authorities (EBA, EIOPA, and ESMA) and was vice-president of the European Systemic Risk Board, in addition to being part of the Executive Committee of the International Association of Insurance Supervisors.
In October 2021, he was appointed by Prime Minister António Costa to chair the Comissão do Mercado de Valores Mobiliários (CMVM). However, he resigned in March 2022 due to health reasons.
According to a statement from the Ministry of Finance, Bernardino has been acting as a World Bank consultant in 2024, assisting in Financial Sector Assessment Programs (FSAPs). His nomination for the ASF role has been confirmed, highlighting his sector knowledge, independence, competence, and experience.
The statement also addresses the nomination of Álvaro Santos Pereira for the leadership of Banco de Portugal, emphasizing similar qualities.
Incumbent Margarida Corrêa de Aguiar has headed the ASF since June 2019, concluding her mandate in June. The term for the ASF president is six years.
Before officially taking office, Bernardino’s appointment will be reviewed by the Assembleia da República at the executive’s request, as mandated by the law on regulation of economic activity. This includes obtaining an opinion from the Public Administration Recruitment and Selection Committee regarding the suitability of the nominee’s profile.
Due to the Parliament’s regular session ending on Friday and committees convening only from early September, Bernardino’s official start is expected post-summer recess.
