EU Approves Major Financial Regulatory Overhaul

Law360, New York (September 22, 2010, 1:10 PM EDT) -- The European Parliament on Wednesday gave the green light for legislation to radically overhaul the European Union's financial supervision system by creating three new regulatory agencies to oversee banks, securities firms and insurance companies.

Legislators put the final seal of approval on a package of reforms that was approved earlier in September by national governments at the European Council.

Under the terms of the legislation, three European supervisory authorities will be established to replace the current supervisory committees. The ESAs will have much broader powers than...
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