Exclusive: EU to consider financial industry tax to fund watchdogs

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European Union flags are seen outside the European Commission headquarters in BrusselsBy Huw Jones LONDON (Reuters) - The European Union's markets, banking and insurance watchdogs could be funded by a levy on the organisations they supervise, in an attempt by the bloc's executive body to save taxpayers' money. The European Commission has been reviewing the three watchdogs it launched in 2011 to make supervision of banks, markets and insurers more consistent across its 28 member countries after the 2007-09 financial crisis highlighted failings in the way regulations were enforced. The European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) currently receive 60 percent of their funding from national supervisors and 40 percent from the central EU budget. "Given EU and national budgetary constraints, the Commission considers that a revision of the existing funding model should therefore be envisaged, ideally abolishing EU and national contributions," a draft European Commission report seen by Reuters said.


Read More: http://news.yahoo.com/exclusive-eu-consider-tax-financial-industry-fund-supervision-093051800--sector.html

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