EU proposals that limit the role of the new European
Supervisory Agencies (ESAs) have been welcomed. But lawmakers
have been careful to leave scope for extra powers.
In comparison to where we were in earlier drafts the
position has improved, said James Smethurst, a corporate
partner at Freshfields Bruckhaus Deringer in London.
The new authorities will have a much less direct
supervisory role, which is to be welcomed.
Under the latest set of rules, which Europes financial
ministers have approved, the new ESAs for the banking,
securities and insurance markets will have no enforcing