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23 October 2017 00:59 (South Africa)

EU to make sweeping changes to financial regulation

The EU’s 27 finance ministers have agreed on plans for a new Europe-wide system of financial regulation. US regulators will be following this closely, as it paves the way for several new watchdogs responsible for supervising the European bloc’s financial system. The British government says it has secured important concessions as part of the deal, including preventing the EU from deciding on future bailouts that could be paid for by British taxpayers. Three new supervisory authorities will be created to oversee banks, insurers and investment firms, while national supervisors, such as Britain’s Financial Services Authority, must remain responsible for supervising individual companies. Yet another authority, known as the European Systemic Risk Board, is planned to oversee the stability of the European financial system as a whole. It will be led by European central bankers and national regulators, and is likely to be based in London. Read more: BBC, AP

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