An EU proposal to create three new financial supervisory authorities, along with a big-picture oversight body, was approved today by the union’s Economic and Financial Affairs Council.
ECOFIN forwarded a proposal to the European Parliament to create oversight of the insurance and occupational pensions, banking and securities and markets industries, according to an EU news release. Approval of the big-picture European Systemic Risk Board came on Oct. 20.
The proposed EU authorities, along with national authorities, will promote financial unionwide financial stability; ensure consistency in the application and enforcement of “the same basic technical rules” across the EU; identify systemic risks; and settle disputes between countries, according to a separate ECOFIN news release.
The proposed regulatory agencies would replace three existing groups: the Committee of European Insurance and Occupational Pensions Supervisors, the Committee of European Banking Supervisors and the Committee of European Securities Regulators.
The EU aims to have the new agencies in place sometime in 2010, according to the EU release.