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EU regulators’ role sparks debate
02 September 2010
Europeans are divided over the extent of the powers to be granted to the EU's supervisory authorities
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More than half of companies and financial institutions in Continental Europe think the three European Supervisory Authorities (ESAs) should have ultimate regulatory authority above that of national financial regulators — but few believe the central authorities will actually be granted such powers, according to a new survey by Greenwich Market Pulse. The survey, which canvassed opinions of 606 corporations, asset managers and pension funds across Europe, also reveals continued high levels of opposition in the United Kingdom to any plan that would allow the ESAs to directly regulate banks and financial companies; 90% of U.K. study respondents say the ESAs should not be able to overrule national regulators and only about 5% think the EU bodies will actually gain that authority. The three ESAs — the European Banking Authority, the European Insurance and Occupational Authority, and the European Securities Market Authority — will form the cornerstone of...
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