9.01 On 1 January 2011, Europe’s financial regulation and supervision has entered into a new era, in which an increasing number of regulatory issues will be decided by the four newly created regulatory bodies. These bodies are the European Systemic Risk Board (ESRB) responsible for overseeing systemic developments in the Union, and the three European Supervisory Authorities (ESAs) responsible for the regulation and supervision of the banking, insurance, and securities fields. These four institutions along with the national supervisory bodies constitute the...
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