European supervisory authorities funding proposal ‘not unexpected’, says Eversheds

Andrew Henderson, partner and regulation expert at Eversheds, has commented on news that the European Union’s (EU’s) markets, banking and insurance watchdogs could be funded from a direct levy on the sector.

He said: ‘This proposal is not unexpected. Recent EU measures such as MiFID 2 and PRIIPS have enhanced the authorisation and supervision powers of the European supervisory authorities.

‘The financial services industry’s direct funding of the authorities would reinforce the link between the beneficiaries of that funding and those over which its powers are likely to increase.’