Financial firms to receive new supervision

03 September 2010 at 16:00

Financial firms to receive new supervision The European Union (EU) has reached agreed reforms to the way in which financial services firms are supervised, it has been revealed.

After a meeting between EU member states and the European Commission, it was agreed that from this year agencies will oversee banks, insurers and financial markets.
Although European finance ministers and the European Parliament still need to approve the deal, it is expected to go through.

Michel Barnier, European Internal Market Commissioner, revealed that the deal was finally made late last night (September 2nd).

"We have reached a crucial milestone. We have reached a political consensus on the creation of a European financial supervisory framework," he explained.

Mr Barnier added that the "control tower and radar screens" needed to identify risks and the means to act quickly will ensure that firms are supervised in a "coordinated and timely fashion".

Posted by Tony Miller ADNFCR-3006-ID-800051588-ADNFCR

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