EU approves financial watchdog chiefs

EU approves financial watchdog chiefs

2011-02-04 07:59:38 GMT+7 (ICT)

BRUSSELS (BNO NEWS) -- European Union (EU) Members of the Parliament (MEPs) on Thursday approved three candidates to head the newly established EU financial services watchdogs.

Steven J. Maijoor, of the Netherlands, was voted in with 530 votes to head the Securities and Markets Authority; Gabriel Bernardino, of Portugal, received 434 votes to head the Insurance and Occupational Pensions Authority; and Andrea Enria, of Italy, received 530 votes to head the Banking Authority.


MEPs gave a green light after having favorably assessed the written commitments received from the Commission and the Hungarian Presidency on guarantees regarding transparency, independence of staff selection procedures and budgets.

Following Wednesday's plenary debate, which saw the Council roundly criticized by many EP political groups, a written commitment was sent to MEPs that the Council was fully supportive of the Commission's declaration, which had itself already been deemed acceptable by MEPs.

After the 2008 financial crisis, the EU created the regional financial watchdogs to regulate and supervise banks, insurers, and markets throughout the area.

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