EU Fleshes Out New Roles In Financial Oversight Plan

Law360, New York (October 26, 2009, 6:08 PM EDT) -- The European Commission on Monday disclosed new details about the scope and authority of proposed committees to monitor European financial institutions, part of its plan to overhaul pan-European financial oversight.

Monday's proposal, which builds on draft legislation debuted in September, details how a new European Supervisory Authority would consolidate a trio of existing financial services committees — known as the Lamfalussy level 3 committees — into a new permanent body that comprises expanded versions of the former panels: the European Banking Authority, the European Insurance and...
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