The Council formally adopted, today, the damaging legal proposals reforming the EU framework for supervision of the financial system:
Regulation establishing a European Systemic Risk Board (ESRB), and three regulations establishing the new supervisory authorities at the micro-financial level:
a European Banking Authority (EBA)
a European Insurance and Occupational Pensions Authority (EIOPA)
a European Securities and Markets Authority (ESMA)
As planned, the new system will be in place as from 1 January 2011.
Please read here what these regulations entail.
