The European Union’s plans to tighten up its oversight of financial firms have come under attack from industry and consumer groups that fear the move could hit businesses without doing enough to prevent misselling of risky funds, Reuters reported yesterday. The criticism comes after the European Commission on Wednesday published proposals aimed at ending national supervision of some financial industries in a bid to strengthen the EU’s common market and increase controls over foreign firms that operate in the bloc. The expanded powers to monitor financial companies from non-EU countries could hurt Britain-based firms after the country leaves the EU and also U.S. businesses, which are among the most active foreign firms in the EU market. Read more.
International insolvency experts will gather to discuss top issues at ABI’s 13th International Insolvency & Restructuring Symposium on Oct. 19-20. The program will include a keynote by Sir Ivan Rogers, former Permanent Representative of the United Kingdom to the European Union. Click here to register.