Regulation across the EU to be resisted by UK
A European Commission proposal for a two-tiered financial supervision regime across Europe, including the creation of a European Systemic Risk Council will be published next week, the FT reports.
A "European system of financial supervisors" will also be set up to regulate banks and financial institutions.
Three existing pan-EU coordinating committees will be converted into European supervisory authorities for the banking, insurance and securities sectors by 2010.
These regulators will develop Europe-wide rules and will settle disputes between national regulators, who would handle day-to-day matters.
They could also supervise "certain entities with pan-European reach [such as] credit rating agencies and EU central counterparty clearing houses", the draft says.
The FT said the proposals would face fierce resistance from the UK authorities.
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