The EU decided to establish four new institutions to strengthen financial supervision

cheap chanel handbags of EU Member States and the European Parliament on the 2nd agreement, agreed to set up from next year four new bodies to strengthen the banking sector, financial transactions and insurance regulation.

Under the agreement, the EU will set up three European Authority are responsible for banking, financial transactions and insurance regulation and the setting up of a European Committee of systemic risk to the entire financial system of risk oversight.

In this new regulatory system, the three Authority will have the right to monitor the implementation of EU national regulatory bodies relevant laws and regulations, and these agencies issued an order or warning. In relation to the management of multinational financial institutions, if a dispute between national supervisors, the European Authority would be mediation, mediation results are legally binding, the Authority can also directly related to supervision of financial institutions to issue the decision.

replica chanel watches the European Authority would also have the right to specific types of financial institutions, financial products and financial activities to investigate, assess their risks to financial markets. In urgent cases, the European Authority may temporarily prohibit or restrict certain harmful financial activities or financial products, and may request the European Commission legislative proposals, a permanent prohibition of such products or activities.