Green light for regulation makeover

European financial services regulation is set for major change. While the main focus has been on the banking sector, the changes for insurance supervision will be felt in the transformation of Ceiops into an authority body with greater legal and enforcement powers

The European Commission has given its formal seal of approval to reform of financial supervision in Europe. Adopting new measures, largely as proposed by the Jacques de Larosière report in February 2009, the European Commission said it hoped the new system of regulation would be up and running in 2010. Although the banking and financial crisis was behind the initial push for reform, the changes affect all financial services sectors.