New EU supervisors group to be created for CAD implementation

The CAD, which is being drafted at the moment by the EU Commission and will be sent to the EU parliament early in 2004, will be implemented across banks and investment firms within the region – including countries that plan on joining the European Union in 2004. The EU Commission noted that in the current draft of the CAD, “there remains, however, as pointed out by respondents, significant scope for supervisory discretion under the new framework. This gives rise to the potential for divergen