The European Commission has published a package of draft legislation setting out a new financial supervisory architecture in the EU. This follows proposals published by the Commission in May and the report of the de Larosière group, which sets out the shortcomings of the current, mainly national based, regulatory system in Europe and recommends steps to resolve those shortcomings.
The new supervisory structure will be introduced during the course of 2010.
A Linklaters briefing on the subject is available at http://www.linklaters.com/Publications/EUfinsuparchitect/Pages/index.aspx.
