EU will create 3 financial supervisory authorities
04 Dec 2009
The Council of Finance and Economics Ministers of the European Union, meeting in Brussels on 2 December 2009, agreed on a general approach on draft regulations that would create three new authorities for the supervision of financial services in the EU, namely:
- a European Banking Authority (would replace Committee of European Banking Supervisors (CEBS))
- a European Insurance and Occupational Pensions Authority (would replace Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS))
- a European Securities and Markets Authority (would replace Committee of European Securities Regulators (CESR))