Exclusive: EU to consider tax on financial industry to fund supervision

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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 from a direct levy on the sector, the bloc's executive body said in a document seen by Reuters. 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 supervisory failings. Currently the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) receive 60 percent of their funding from national supervisors and 40 percent from the central EU budget.

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

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