Yesterday the European Commission published a communication setting out its proposals for a new European financial supervisory framework. Central to the proposals is the creation of a European Systemic Risk Council (with responsibility for monitoring and assessing risks to the stability of the financial system) and a European System of Financial Supervisors (a network of national financial supervisors working alongside new European supervisory authorities). Legislation will be made in the autumn; meanwhile, comments are invited here and should be made by July 15. For further information see: Commission press release | Commission communication | Frequently asked questions | Impact assessment (summary) | Impact assessment (full text) | Further background information |
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