Booking open Available Pune Call Girls Talegaon Dabhade 6297143586 Call Hot ...
La ue estudia la ttf para financiar la supervisión.
1. BY HUW JONES
LONDON Tue Jun 24, 2014 11:10am EDT
0 COMMENTS TweetTweet 21 Share this 0 Email Print
Exclusive: EU to consider financial
industry tax to fund watchdogs
(Reuters) - The European Union's markets, banking and insurance watchdogs could be
ShareShare 12
Egypt jails Al Jazeera journalists, U.S. calls
sentences 'chilling' |
11
Honda and others recall nearly 3 million
vehicles over air bag flaw
22
U.S. to face multibillion-dollar bill from
climate change: report
33
Asian shares push ahead on hopeful signs
for global growth
44
IRS accused of obstruction over lost emails
in Tea Party affair
55
European Union flags are seen outside the European Commission headquarters in Brussels November 27, 2009.
European Commission President Jose Manuel Barroso presented on Friday his new team of EU commissioners.
CREDIT: REUTERS/YVES HERMAN
HOME BUSINESS MARKETS WORLD POLITICS TECH OPINION BREAKINGVIEWS MONEY LIFE PICTURES VIDEO
EDITION: U.S. Search News & QuotesSIGN IN REGISTER
2. funded by a levy on the organisations they supervise, in an attempt by the bloc's executive
body to save taxpayers' money.
The European Commission has been reviewing the three watchdogs it launched in 2011 to
make supervision of banks, markets and insurers more consistent across its 28 member
countries after the 2007-09 financial crisis highlighted failings in the way regulations were
enforced.
The European Securities and Markets Authority (ESMA), the European Banking
Authority (EBA) and the European Insurance and Occupational Pensions Authority
(EIOPA) currently receive 60 percent of their funding from national supervisors and 40
percent from the central EU budget.
"Given EU and national budgetary constraints, the Commission considers that a revision of
the existing funding model should therefore be envisaged, ideally abolishing EU and
national contributions," a draft European Commission report seen by Reuters said.
Staffing and budgets of the three watchdogs are modest compared with regulators in the
larger member states, such as Britain's Financial Conduct Authority whose annual budget is
452 million pounds ($768.8 million). The EBA's budget for 2014 is only 33.6 million euros
($45.7 million).
However, the welter of EU rules approved to tighten supervision after the financial crisis,
such as for derivatives, and bank and insurance capital, means the watchdogs will be taking
on more responsibilities and will need extra staff and money.
The three watchdogs have about 150-200 staff each and rely heavily on national regulators
to help with their workloads.
The Association for Financial Markets in Europe (AFME), a top banking lobby, has called
for ESMA in particular to have more resources . ESMA is the main regulator for credit
rating agencies and trade repositories in the EU.
The report did not give any indication of how much the tax on banks and insurers might be,
but any levy would likely be applied in direct proportion to how much supervision an
insitution requires.
Euro zone banks will also have to foot the bill for the European Central Bank's new
supervisory arm. Banks under its watch will each be asked to contribute up to 15 million
euros annually to help cover costs that are set to hit 260 billion euros next year.
PAY FOR PRIVILEGE
Member states could welcome the shift to industry-funded watchdogs - a common system of
financing supervision.
However, Britain's Institute of Directors, a business lobby, said it was concerned with any
attempt to offload supervision costs onto the industry, which is already paying a levy to UK
regulators.
"Abolishing both EU and national contributions would send a message that Brussels is
willing to expand its oversight powers without being willing to pay for the privilege," the
IOD said.
The report also looks at how the powers of the three EU agencies could be extended.
It said potential new areas include enforcing accounting rules, supervising the "shadow
banking" sector, settlement houses, market benchmarks, and clearing houses, a step Britain
is likely to oppose as it seeks to draw a line on more powers being centralised at the EU
level.
Minamiboso
Whaling lessons in Japan
Shimen county
Heshan - a poisonous legacy
3. (?)
Top 10 Trading Mistakes with CFDs - Free 5
page guide Guardian Stockbrokers
MT4 trading: Ultra-fast execution. Losses can
exceed your deposits. IG Index
Expert views on the global markets from RMG
Wealth Management MarketViews
Where is the clever money going? MarketViews
How to invest in global equities MarketViews
Sponsored Financial Content
24 personas recomiendan esto. Sé el primero de tus amigos.RecomendarRecomendar
Tweet this Link this Share this Digg this Email Print Reprints
The report, which is expected to be published in coming months and is subject to change,
said the three watchdogs have performed well so far and have begun to develop their own
profiles.
They should, however, give consumer and investor protection a higher priority, the report
said.
Governance of the watchdogs could be improved further to make decision making faster in
the interests of the EU as a whole, the report said, in a nod to British concerns to safeguard
the bloc's single market.
The report made no recommendations regarding the fourth EU body set up after the
financial crisis, the European Systemic Risk Board (ESRB), which is chaired by the
European Central Bank president Mario Draghi. It was set up to spot system-wide risks and
has been criticised for failing to forge a clear role in the public eye.
(Additional reporting by John O'Donnell in Frankfurt; Editing by Erica Billingham)
Facebook Twitter RSS YouTube
Follow Reuters
Top 10 Trading Mistakes with CFDs - Free 5 page
guide (Guardian Stockbrokers)
MT4 trading: Ultra-fast execution. Losses can
exceed your deposits. (IG Index)
Increase your knowledge of CFD trading (Guardian
Stockbrokers)
How to invest in global equities (MarketViews)
Expert views on the global markets from RMG
Wealth Management (MarketViews)
FINANCIAL COMMENTARIES AND GUIDES
Content from sponsors
More From Reuters
Fire chief, family of
five killed in
Montana fire engine
crash | 20 Jun
Study says Earth
on brink of mass
extinction event
| 18 Jun
Missouri gun owner
wins apology from
police in dispute
over video | 18 Jun
Saudis give
apparent warning
to Iran: don't
meddle in Iraq
| 18 Jun
Charges dismissed
against Tennessee
student choked
while handcuffed
| 18 Jun
More From Reuters
North Korea army
mobilized as rivers
run dry in worst
drought in years
| 23 Jun
Massachusetts
high court says
accused criminal
must decrypt
computers f…
| 25 Jun
Soviet industrial
giant's struggle
symbolizes
Russia's economic
dilemma | 25 Jun
U.S. House votes to
loosen derivatives'
regulations with
CFTC bill | 24 Jun
Advertisement
How Older Men Can
Relieve Embarrassing
Prostate Issues
How to Get Freakishly
Long Eyelashes in 7
Days
Hit Up to 300 yards
Using This Swing
The Ultimate App to
Manage Your Digital
Music
?
Advertisement ?
4. Add your comment
Post to Facebook
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment
that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed
in the comments do not represent those of Reuters. For more information on our comment policy, see
http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (0)
Be the first to comment on reuters.com.
Add yours using the box above.
Cash stash may
reflect fear of
wealth going out of
fashion | 25 Jun
From The Web by TaboolaSponsored Content
Warren Buffett Tells You
How to Turn $40 Into …
The Motley Fool
3 Strategies to Avoid
Exposure of Older Sy…
Ricoh
Street Style: Building A
Timeless Wardrobe
The Line
Just Like In The Movies:
Microsoft To Develop …
IndiaToday
Is There A Natural Way
To Get Rid Of Herpes?
Lifegooroo
10 Most Dangerous
Cities in the World
Amerikanki
Understanding
Exposure: How to do …
CFO Magazine
7 Exercises That Will
Transform Your Body …
Womanitely
From The Web by TaboolaSponsored Content
Warren Buffett Tells You
How to Turn $40 Into …
The Motley Fool
3 Strategies to Avoid
Exposure of Older Sy…
Ricoh
60 Seconds To Cure
Your Panic Attacks
LifeGooroo
7 Exercises That Will
Transform Your Body …
Womanitely
Ranking of the 10
biggest banks in 2014
TopTipsNews
Weak US GDP –
reasons to be positive
Financial Times
Top 10 Wealthiest
People Under the Age…
American Live Wire
The Most Outrageous,
Perfectly Timed Photo…
Amazingly Timed Photos
How Older Men Can How to Get Freakishly
Advertisement
How Older Men Can
Relieve Embarrassing
Prostate Issues
How to Get Freakishly
Long Eyelashes in 7
Days
Hit Up to 300 yards
Using This Swing
The Ultimate App to
Manage Your Digital
Music
?
Advertisement
How Older Men Can
Relieve Embarrassing
Prostate Issues
How to Get Freakishly
Long Eyelashes in 7
Days
Hit Up to 300 yards
Using This Swing
The Ultimate App to
Manage Your Digital
Music
?
Advertisement
How Older Men Can
Relieve Embarrassing
Prostate Issues
How to Get Freakishly
Long Eyelashes in 7
Days
Hit Up to 300 yards
Using This Swing
The Ultimate App to
Manage Your Digital
Music
?
5. Back to top
Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index
Legal Bankruptcy Law California Legal New York Legal Securities Law
Support & Contact Support Corrections
Account Information Register Sign In
Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile
About Privacy Policy Terms of Use Advertise With Us AdChoices Copyright
Content.adSponsored Links
Everything You
Thought You Knew
About Golf Is
Wrong
How to Get
Freakishly Long
Eyelashes in 7
Days
A New Solution
That Stops
Snoring and Lets
You Sleep
The Ultimate App
to Manage Your
Digital Music
Car Insurance
Agents HATE This
Trick
?
Content.adSponsored Links
Everything You
Thought You Knew
About Golf Is
Wrong
How to Get
Freakishly Long
Eyelashes in 7
Days
A New Solution
That Stops
Snoring and Lets
You Sleep
The Ultimate App
to Manage Your
Digital Music
Car Insurance
Agents HATE This
Trick
?
Content.adSponsored Links
Everything You
Thought You Knew
About Golf Is
Wrong
How to Get
Freakishly Long
Eyelashes in 7
Days
A New Solution
That Stops
Snoring and Lets
You Sleep
The Ultimate App
to Manage Your
Digital Music
Car Insurance
Agents HATE This
Trick
?
Content.adSponsored Links
Everything You
Thought You Knew
About Golf Is
Wrong
How to Get
Freakishly Long
Eyelashes in 7
Days
A New Solution
That Stops
Snoring and Lets
You Sleep
The Ultimate App
to Manage Your
Digital Music
Car Insurance
Agents HATE This
Trick
?
Content.adSponsored Links
Everything You
Thought You Knew
About Golf Is
Wrong
How to Get
Freakishly Long
Eyelashes in 7
Days
A New Solution
That Stops
Snoring and Lets
You Sleep
The Ultimate App
to Manage Your
Digital Music
Car Insurance
Agents HATE This
Trick
?
6. Our Flagship financial
information platform
incorporating Reuters
Insider
An ultra-low latency
infrastructure for
electronic trading and
data distribution
A connected approach
to governance, risk and
compliance
Our next generation
legal research platform
Our global tax
workstation
Thomsonreuters.com
About Thomson Reuters
Investor Relations
Careers
Contact Us
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal
finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires
fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.