Europe Approves Plan For Stronger Finance Oversight

Law360, New York (September 24, 2009, 7:00 PM EDT) -- The European Commission has adopted draft legislation to create a new systemic risk board, along with several new finance and insurance supervisory authorities, in a bid to prevent a recurrence of the fall 2008 financial crisis.

The EC legislation proposes the creation of a European Systemic Risk Board, European Banking Authority, European Insurance and Occupational Pensions Authority, and a European Securities and Markets Authority. The new agencies should be operational by 2010, the EC said.

The commission had previously outlined the plan, based on a report...
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