The EU updates financial supervision rules in the European Economic Area
25 Mar 202664 views
Who is affected:
Financial entities, banks, insurance companies and investment firms operating in the EEA
Summary
The EU Council approves incorporating the new rules of the European Financial Supervisory Authorities into the EEA agreement. It affects the regulation of banks, insurance and markets in Norway, Iceland and Liechtenstein.
Detailed analysis
PRO
This Council decision sets the EU position to amend Annex IX of the EEA Agreement, incorporating the review of the European Supervisory Authorities (ESAs): EBA, EIOPA and ESMA. The review strengthens supervisory powers, improves coordination between national and European authorities and updates conflict resolution mech…
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