Press Release: Financial services: consultations launched on improving banking, insurance and conglomerates legislation

The European Commission, on behalf of the Danish Presidency of the EU's Council of Ministers, launched an open consultation on 14 October 2002 on improving the way the EU institutions draw up, adopt and put into effect legislation on financial services (banking, insurance and pension funds, and financial conglomerates). The objective is to strengthen supervisory practices and boost regulatory convergence between the Member States, as well as to shorten the time necessary for adapting financial regulation to new market developments.