Press Release: Financial services: additional legislative proposal to complete the framework for financial supervision in Europe

Following the launch of the three new European Supervisory Authorities on 1 January 2011, the Commission now proposes to make targeted changes to legislation in the area of insurance and securities regulation to ensure that the new Authorities can work effectively. In particular, the proposal sets out in detail the scope for the Authorities to exercise their powers, which include the possibility to develop draft technical standards and to settle disagreements between national supervisors. The proposed directive will now be sent to the Council and the European Parliament for consideration.

ESO: Background Information: Memo: A turning point for the European financial sector http://www.europeansources.info/record/memo-a-turning-point-for-the-european-financial-sector/

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