On 17 November 2010, the Council of the European Union announced that it has adopted new regulations which will reform the EU financial system supervision framework. The purpose of these reforms is to address deficiencies that were exposed during the financial crisis. The new regulations establish a European Systematic Risk Board, which will provide oversight of the entire financial system. They also establish three new supervisory authorities in the areas of banking, securities and markets, and insurance: - the European Insurance and Occupational Pensions Authority (EIOPA). The new system will be operative from 1 January 2011. EIOPA will be the successor to the Committee of European Insurance and Occupation Pensions Supervisors (CEIOPS).