EU Parliament, Council Reach Informal Deal On Updating Financial Supervision Authorities

The European Parliament and Council Presidency have reached a deal to upgrade EU financial supervisory authorities to improve the governance structure of EU watchdogs for banking and financial markets, the parliament said in a statement on Thursday

MOSCOW (UrduPoint News / Sputnik - 22nd March, 2019) The European Parliament and Council Presidency have reached a deal to upgrade EU financial supervisory authorities to improve the governance structure of EU watchdogs for banking and financial markets, the parliament said in a statement on Thursday.

"Legislators reached a deal strengthening the EU financial supervisory architecture needed for safer financial markets, fighting money laundering, and protecting consumers across the EU," the statement said.

The agreement intends to strengthen the European Banking Authority's mandate, which would help it fight against money laundering and terrorism financing.

In addition, the deal is meant to improve the integration of European financial markets, thereby creating a safer environment for European consumers, investors and businesses.

The informal deal will now await approval during the European Parliament's April plenary session.

Established in 2010, the European System of Financial Supervision (ESFS) is a complex system of micro- and macro-prudential authorities that provide consistent financial supervision in the European Union.