On Wednesday 20 September, the European Commissioner for Financial Services, Valdis Dombrovskis, presented the Commission's legislative proposal revising the three European financial supervisory authorities (ESAs): ESMA, EBA and EIOPA, which supervise the financial markets and the banking and insurance sectors respectively (see EUROPE 11864).
Whilst the text makes no reference to a single European supervisor - an idea that has been raised on a number of occasions, for instance when the...