Press Release: Financial services: Commission adopts additional legislative proposals to strengthen financial supervision in Europe

On 26 October 2009 the European Commission adopted additional legislative proposals to further strengthen financial supervision in Europe. Following the adoption of a legislative package to strengthen financial supervision in Europe on 23 September 2009, including the creation of a European System of Financial Supervisors with three new European Supervisory Authorities, the Commission proposed to make targeted changes to existing financial services legislation to ensure that the new Authorities can work effectively. In particular, these proposals established in detail the scope for the Authorities to exercise their powers, ensuring a more harmonised set of financial rules through the possibility to develop draft technical standards, settle disagreements between national supervisors and facilitate the sharing of micro-prudential information. The package will now be sent on to the Council and the European Parliament for consideration.