Europe: new supervisory authorities for financial services - Council agreement

The Council of the European Union yesterday reached agreement in general terms regarding the formation of three new supervisory authorities for financial services - a Banking Authority, an Insurance and Occupational Pensions Authority and a Securities and Markets Authority - which will form part of a European System of Financial Supervisors. 

These new authorities will replace three existing committees of supervisors (CEBS, CEIPOS and CESR) and will comprise representatives from Member States' supervisory authorities. The day to day supervision of individual firms will remain the responsibility of Member States' regulators.

For further information see here (pdf).