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EU taking fast-track to superregulators

New European super-regulators and fast-track procedures are on the European Union menu following a meeting of EU finance ministers this week.

Under the plans, there would be a streamlined procedure to avoid the EU&#39s tortuous legislative processes. The Commission and Parliament would only agree directives in principle, with detailed legislation handed to committees made up of regulators from member states.

The EU has set itself the date of 2005 for implementing the Financial Services Action Plan establishing a single market for financial services. But the pro-cess has been plagued by delays and in need of measures to speed up decision-making.

Financial advice would continue to fall under the remit of the committee of European securities regulators. But there would be two new committees – one for the insurance sector to bring in new solvency directives and one for the banking sector to implement the Basel Accord for prudential regulation.

ABI head of European affairs Simon Gentry says: “We generally support the proposals but we want the EU to acc-ount for any decisions that go against published responses.”

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