EUROPE - The European Commission has adopted additional proposals clarifying the scope of the new European Supervisory Authorities.
The EC approved a legislative package in September that established a new framework that included three new European Supervisory Authorities. One of them will be on the insurance and occupational pensions sectors.
These proposals will lay down in detail the scope for the Authorities to exercise their powers, ensuring "a more harmonised set of financial rules" through the possibility to develop draft technical standards, settle disagreements between national supervisors and facilitate the sharing of micro-prudential information.
The package - whose text has not been disclosed yet - will be sent on to the Council and the European Parliament for consideration.
The package had also created the European System of Financial Supervisors, which will consist of a network of national financial supervisors working in tandem with new European Supervisory Authorities, created by the transformation of existing Committees for the banking, securities, and insurance and occupational pensions sectors.
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