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ESMA – A new European Supervisory Authority

July 2011 - Finance. Legal Developments by Delphi.

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As of 1 January 2011, a new system for the supervision of the European financial market is in place.

The financial crisis exposed important shortcomings in the European supervisory framework, both in particular cases and in relation to the financial system as a whole. In this context, the European Parliament called for a move towards a more integrated European supervision in order to ensure a true level playing field for all market participants and to reflect the increasing integration of financial markets in the Union. The new bodies under the regulatory regime have been provided with more far-reaching powers than their predecessors.

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