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EU will create 3 financial supervisory authorities

  • European Union (old) Image

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:

The draft regulations are part of a package of proposals to reform the EU framework for the supervision of banking, insurance, and securities markets in the wake of the global financial crisis. The framework envisions the three new European supervisory authorities working in tandem with a network of member state supervisors. The regulations will require approval of the European Parliament. The Council hopes to have the regulations approved some time during 2010. Click for Press Release (PDF 277k). See also our February 2009 Story EC plans to strengthen supervisors and standard-setters .

 

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