Following the vote on 23 September by the European Parliament in favour of the package of reforms to the European financial supervisory structure a set of frequently asked questions on the financial supervision package was also published by the Commission. They address questions such as why is the reform of financial supervision needed?; what are the key elements of the new European financial supervisory framework?; how will the new authorities work?; do the authorities have more effective and tougher powers than the former supervisory authorities?; and how will the new supervisory architecture fit in with other financial reforms?