Three new European authorities for the supervision of financial activities start their work
03 Jan 2011
As reported earlier, three new regulatory authorities offering direct EU supervision of systemically important financial institutions (the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA)) have been established.
With this new framework of financial supervision in Europe in place, we are putting into effect in practical terms the lessons learnt from the crisis. This framework is at the heart of the ongoing financial reforms. [...] This move forward also demonstrates that Europe is leading the way and upholding its international commitments. These new authorities will work with others across the world to ensure better global supervision. |
- European Commission press release (link to EC website).
- Our earlier story on the new financial market supervision system (November 2010)