Financial services supervision
The European Commission requests Belgium, France, Greece, Luxembourg, Poland and Portugal to implement EU rules
The Commission has requested Belgium, France, Greece, Luxembourg, Poland and Portugal to notify within two months measures to implement EU rules in the financial sector (Directive 2010/78/EU) concerning the powers of the three new European supervisory authorities for banks (European Banking Authority), insurance and occupational pensions (European Insurance and Occupational Pensions Authority) and securities (European Securities and Markets Authority). The Directive aims at adapting the provisions of key financial services Directives to the new supervisory framework.
This will make sure that European Supervisory authorities will be fully allowed to carry out all the tasks conferred upon them. Member States were due to implement the Directive, no later than 31 December 2011. The Commission's requests take the form of reasoned opinions under EU infringement procedures. If the Member States fail to notify measures to implement the Directive within two months, the Commission may decide to refer them to the EU Court of Justice.