European tax: Additional Legislative Proposals

On 26 October 2009, the European Commission adopted additional legislative proposals to further strengthen financial supervision in Europe.

Following the adoption of the legislative package of 23 September 2009, which included the creation of a European System of Financial Supervisors with three new European Supervisory Authorities, the Commission now proposes to make targeted changes to existing financial services legislation to ensure that the new authorities can work effectively.

The package will be sent to the Council and the European Parliament for consideration and creation of the new Authorities is envisaged for the end of 2010.