On 26 January 2009, European Commission adopted a set of decisions to strengthen the supervisory framework for EU financial markets, in order to improve supervisory cooperation and convergence between Member States and to reinforce financial stability.  

Under the new rules, the three supervisory committees (the Committee of European Securities Regulators, Committee of European Banking Supervisors and Committee of European Insurance and Occupational Pensions Supervisors) will benefit from a clearer operational framework and more efficient decision-making processes. In addition, the Commission proposes that these supervisory committees should be provided with financial support from the EU budget so that they can achieve their objectives as rapidly and efficiently as possible. The European Commission has now published the decisions in the Official Journal of the European Union.  

View Commission proposals to finance specific activities in the field of financial services, financial reporting and auditing, 26 January 2009