The
FSA together with the Bank of England and the HM Treasury released a discussion paper on supervising financial services in an integrated European Single Market.
The paper states that there is no single or simple way to achieve supervisory convergence but sketches out five related challenges that need to be addressed to make progress on achieving convergence of supervisory practice. It also offers some proposals for how this can be achieved not necessarily by new EU legislation.
These challenges and proposals include:
to ensure the effective, consistent and proportionate implementation and enforcement of EU legislation on financial services;
to improve cooperation between supervisors;
to ensure that the supply and sharing of data to, and between, financial supervisory authorities is efficient and effective;
to ensure that financial supervisory authorities, along with central banks and finance ministries, are able to work together to manage financial crises; and
to continue to develop trust between market participants and supervisors and between supervisors themselves.
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