Wednesday, 8 September 2010

Europe: financial regulation reform moves closer

The Council of the European Union yesterday endorsed the proposals agreed last week by the European Parliament concerning reform of the European financial regulation architecture: see here (pdf). These proposals will see the creation of a European Systemic Risk Board, to provide macro-prudential oversight, and three supervisory authorities: a European Banking Authority; a European Insurance and Occupational Pensions Authority and a European Securities and Markets Authority.

The European Parliament is expected to approve the relevant texts in first reading at a plenary session later this month with the Council then formally approving them without further discussion. It is expected that the new structure will be in operation from 1 January 2011.

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