New financial market supervision system signed into law
25 Nov 2010
In our news story posted 7 September we reported that the European Parliament, the Council and the European Commission reached a political consensus on the creation of new financial supervisory framework for Europe.
Yesterday, the President of the European Parliament, Jerzy Buzek, and Belgium's State Secretary for European Affairs, Olivier Chastel, formally signed into law the financial supervision package, which will establish new authorities oversee the operation of banks, securities markets and insurance companies, as well as monitoring the build up of risk in the economic system as a whole. The three new regulatory authorities offering direct EU supervision of systemically important financial institutions are the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA).