National regulators in EU need to be less heavy-handed
Source: Agencies |
February 5, 2013, Tuesday
|
Print Edition
Print Edition
NATIONAL regulators across the European Union have until the end of this month to show they are not damaging the single market by being too heavy handed with banks from elsewhere in the bloc, the EU's executive European Commission said yesterday.
It reminded them in a letter last Friday that the free movement of capital is a founding tenet of the single market.
Yesterday, the commission said in a statement that on several occasions national supervisors have acted independently to impose "allegedly disproportionate prudential measures" on local arms of non-domestic EU banks.
"In taking such action, national supervisors did not respect the mandatory procedures, such as consulting other national supervisors of the same banking group in advance," it said.
The supervisors must inform the commission by the end of February about their "current supervisory practices" so that it can "determine any possible further steps as appropriate."
The commission, as guardian of the EU treaty, can take a country to the European Court of Justice for rule breaches that could trigger penalties such as fines.
It reminded them in a letter last Friday that the free movement of capital is a founding tenet of the single market.
Yesterday, the commission said in a statement that on several occasions national supervisors have acted independently to impose "allegedly disproportionate prudential measures" on local arms of non-domestic EU banks.
"In taking such action, national supervisors did not respect the mandatory procedures, such as consulting other national supervisors of the same banking group in advance," it said.
The supervisors must inform the commission by the end of February about their "current supervisory practices" so that it can "determine any possible further steps as appropriate."
The commission, as guardian of the EU treaty, can take a country to the European Court of Justice for rule breaches that could trigger penalties such as fines.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
