Commission Adopts Proposals for New EU Financial Regulatory System

October 19, 2009

On September 23, 2009, the European Commission adopted a package of draft legislative proposals intended to strengthen financial supervision in Europe. The proposals provide for an enhanced European financial supervisory framework, which will be composed of two new pillars: the European Systemic Risk Board and the European System of Financial Supervisors. It is expected that the new framework will be operational in 2010.