EC to overhaul European financial regulation


Plans by the European Commission (EC) to overhaul the financial regulatory system were welcomed by Carlos Montalvo, head of the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops), who described the proposals as an "expansion" of its powers, while insisting that the changes should not threaten the organisation's independence.

Inspired by the report into the financial system by French central banker Jacques de Larosiere, the European Commission has proposed reforms to

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