European lawmakers water down proposed no-action powers

ESAs to advise rather than postponing rules themselves; experts warn tool may be too slow to use

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European Union lawmakers have heavily diluted plans to give its three financial watchdogs forbearance powers over rules that prove troublesome to implement. Members of the European Parliament supported the proposals, but they ran into opposition from the Council of the EU and European Commission.

In the end, the three European supervisory authorities (ESAs) for banking, insurance and markets will only be able to issue non-legally binding opinions recommending the EC and competent authorities

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