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Three new European authorities for the supervision of financial activities start their work

  • European Union (old) Image

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.

These new authorities have started their work on 1 January 2011. Michel Barnier, the European Commissioner responsible for Internal Market and Services, commented on the "turning point for the European financial sector":

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.

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