EU Leaders Approve Financial Regulatory Overhaul

Law360, New York (June 19, 2009, 12:00 AM EDT) -- European Union leaders have agreed to create a new system for regulating financial markets and cross-border institutions, including the securities and insurance industries.

Approved Friday at a European Commission meeting in Brussels, the new system will consist of the European Systemic Risk Council to evaluate large-scale risks to the financial system, as well as a group of three agencies to police the banking, securities and insurance sectors, according to a draft conclusion prepared at the summit.

The commission first unveiled the proposal in late May, when...
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