European Council Approves the European Securities and Markets Authority


On November 17, the European Council announced that it had approved the regulation establishing the European Securities and Markets Authority (ESMA). The Council also adopted without debate the so-called “Omnibus I Directive” concerning the powers of other new European supervisory authorities for the banking and insurance industries.

The ESMA will be established with effect from January 1, 2011. As indicated above (in “European Parliament Adopts AIFM Directive”), one of its first priorities will be the preparation of regulations setting out detailed provisions of the regime under that Directive.

Please see article below.

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Published In: Finance & Banking Updates, Insurance Updates, International Trade Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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