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  • Legislative Package For Banking Supervision In The Eurozone – Frequently Asked Questions

    Date 12/09/2013

    What has been voted today?

    The European parliament has adopted today a package of legislative acts to set up a single supervisory mechanism (SSM) that contains:

    1. a Council Regulation to give specific tasks related to financial stability and banking supervision to the European Central Bank (ECB);

    2. a Regulation of the European Parliament and of the Council designed to align the existing Regulation 1093/2010 on the establishment of the European Banking Authority (EBA) to the modified framework for banking supervision.

  • Thomson Reuters Delivers Significant Enhancements To Help Financial Services And Multi-Nationals Meet Their Know Your Customer (KYC), AML And FATCA Obligations

    Date 12/09/2013

    Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today announced significant enhancements to enable organizations globally to better meet their regulatory obligations. Investments in new World-Check Risk Intelligence resources, the integration of GoldTier client on-boarding software, and additional services offerings will help its growing global customer base in financial services and multi-national corporate comply with their Know Your Customer (KYC) regulatory obligations.

  • Statement By President Barroso And Commissioner Barnier Following The European Parliament's Vote On The Creation Of The Single Supervisory Mechanism For The Eurozone

    Date 12/09/2013

    President Barroso said:

    "I am extremely pleased that the European Parliament voted today to set up the Single Supervisory Mechanism, the first leg of the Banking Union. The SSM, which I first announced in my State of the Union speech last year, is a lynchpin of a deeper economic and monetary union, and this vote shows that the EU is delivering on its promises. Now our attention must turn urgently to the Single Resolution Mechanism. The Commission's proposal has been on the table since July and it is crucial that we finalise it even more swiftly. I welcome the support of many in the plenary yesterday to have it adopted during this term."

  • European Central Bank Welcomes European Parliament Vote To Create Single Supervisory Mechanism

    Date 12/09/2013

    The European Central Bank (ECB) welcomes today’s vote by the European Parliament on legislation which paves the way for establishing a banking union. Under the  Council Regulation conferring specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions (the Regulation), a new system of banking supervision will be created, establishing a single supervisory mechanism for the banks in the euro area (and other EU Member States wishing to join the single supervisory mechanism). This represents a major step towards restoring confidence in the European banking system.

  • European Parliament: Green Light For Single Supervisor For Banks

    Date 12/09/2013

    MEPs on Thursday gave their green light to the EU bank supervision system which will bring some 150 of the EU's largest banks under the European Central Bank's direct oversight from September 2014. MEPs strengthened the system's transparency and accountability and tasked the European Banking Authority to develop supervisory practices which national bank supervisors should follow.