EU bodies to enforce common standards over regulators
The European Commission will tomorrow reveal plans for three new pan-European supervisory agencies to enforce a common rulebook for banks, insurers and securities markets, the FT reports
They are expected to follow a two-tier approach first outlined in the De Larosière report in February and endorsed by heads of governments.
The proposals will include
- A "European systemic risk board", made up of representatives of central banks and financial supervisory groups from the 27-countries.
- Pan-EU supervisory bodies in the banking, insurance and securities areas, on top of national authorities.
Each will have more powers and resources than existing EU -committees.
The FT said the new authorities would be asked to draw up common rules in a wide range of financial services areas, from technical insurance standards to short-selling.
Rule on disputes
The new authorities would also be able to rule on a dispute with or between member states. Appeals would then go to the European Council, where the final decision would be taken by qualified majority voting.
The FT said: “As of last night, there were signs in Brussels that some member states were unhappy about some of the detailed wording in the proposed legislation, although final drafts were still being worked on. As far as the UK is concerned, for example, the way in which fiscal safeguards are defined and deliniated is likely to be critical.”
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