| Author (Person) | Tait, Nikki |
|---|---|
| Series Title | Financial Times |
| Series Details | 22.9.09 |
| Publication Date | 22/09/2009 |
| Content Type | News |
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Three new pan-European supervisory agencies will draw up and help enforce a common rulebook for banks, insurers and securities markets under controversial laws unveiled by the European Commission on the 23 September 2009. The European Commission adopted an important package of draft legislation to significantly strengthen the supervision of the financial sector in Europe. The aim of these enhanced cooperative arrangements is to sustainably reinforce financial stability throughout the EU; to ensure that the same basic technical rules are applied and enforced consistently; to identify risks in the system at an early stage; and to be able to act together far more effectively in emergency situations and in resolving disagreements among supervisors. The legislation will create a new European Systemic Risk Board (ESRB) to detect risks to the financial system as a whole with a critical function to issue early risk warnings to be rapidly acted on. It will also set up a European System of Financial Supervisors (ESFS), composed of national supervisors and three new European Supervisory Authorities for the banking, securities and insurance and occupational pensions sectors. |
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| Subject Categories | Business and Industry |
| Countries / Regions | Europe |
