EU Heads Seek Checks On Top European Regulators’ Powers

Law360, London (February 12, 2019, 4:05 PM GMT) -- Leaders of Europe’s member states said Tuesday that decisions made by the bloc’s top three financial supervisors must be approved by national regulators and a strengthened management board, under sweeping reforms designed to improve the European Union’s oversight of financial businesses.

The European Council said that the European Supervisory Authorities — the bloc's three top banking, securities and insurance regulators — should be made to win the backing of the majority of national regulators within the bloc before they can make decisions or implement new rules. The council also recommended that Europe should reinforce the powers of a management board that...

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