MPs probe Europe’s plans for financial regulatory reform

A House of Commons committee has launched an “urgent” inquiry into the European Commission’s proposals to reform the architecture of supervision at European level, which could be given final approval before the end of the year. The Treasury Committee invited evidence on the Commission’s proposal for both a European Systemic Risk Board and its plans to convert the existing Level 3 bodies for banking, insurance and securities into three separate authorities with enhanced powers, including binding authority over member states on supervisory standards and mediation powers when member states reach stalemate on controversial issues.