The European Commission will start a search for candidates to run three new regulators for the region’s pension, banking and securities industries.
The commission will draw up a shortlist of potential chiefs for the agencies, David Wright, deputy director general at the commission, told journalists in London on Thursday. Representatives from national regulators will decide on the final candidates, with the European Parliament able to veto the appointments.
The European Parliament voted Wednesday to establish authorities in London, Paris and Frankfurt that would have the power to mediate between national supervisors and impose emergency bans on some transactions, such as naked short sales of shares and government bonds.
“These are full-time jobs and opportunities to build something of importance,” Mr. Wright said. “The role is paid like that of a senior European official.”
The parliament vote also paved the way for the creation of a European Systemic Risk Board, chaired by European Central Bank President Jean-Claude Trichet, to monitor markets and send warnings to EU nations on economic and financial risk.
Mr. Wright said a commission official would oversee the creation of the agencies if the three chairmen weren’t in place for the Jan. 1 start date.