Diritto ed Economia dell'ImpresaISSN 2499-3158
G. Giappichelli Editore

15/06/2019 - E.U. financial supervision: more protection for savers on the way

argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: financial supervision

With a press release dated April 16, 2019, the European Parliament announced that it had definitively approved the regulations that strengthen E.U. financial supervision, to make financial markets safer, combat money laundering and protect consumers.
The new legislation, adopted with 521 votes in favor, 70 against and 65 abstentions and already agreed with E.U. ministers, consists of an update of the rules on the EU financial supervisory authorities, established in 2010. The main objectives are: updating the EU financial supervision system to keep pace with changes, better protection for consumers and tax payers, and extending the powers of the European Banking Authority to combat money laundering. E.U. ministers will now have to formally confirm the agreement before the reform comes into force. Among the main objectives: updating the E.U. financial supervision system to keep pace with changes; better protection for consumers and tax payers; extension of the powers of the European Banking Authority to combat money laundering. The reform is also essential to pave the way for the completion of the Banking Union and the Capital Markets Union and for the new provisions to promote financial products that support environmental, social and good governance initiatives (ESGs).