New financial supervisory framework for Europe

On Thursday 2 September the European Parliament, the Council and the European Commission reached a political consensus on the creation of new financial supervisory framework for Europe: ñurrently, the financial services sector in Europe is overseen at EU level by three “coordinating committees” that only have advisory powers (the Committee of European Banking Supervisors - CEBS, the Committee of European Insurance and Occupational Pensions Committee - CEIOPS, the Committee of European Securities Regulators - CESR), but those will now be replaced by the following regulatory authorities offering direct EU supervision of systemically important financial institutions (the European Banking Authority - EBA, European Insurance and Occupational Pensions Authority – EIOPA, and the European Securities and Markets Authority - ESMA).