On September 23, 2009, the European Commission (EC) adopted draft legislation to strengthen the supervision of the European financial sector by creating two new regulatory bodies: the European Systemic Risk Board (ESRB) and the European System of Financial Supervisors (ESFS). These plans include the transformation of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) into the new European Insurance and Occupational Pensions Authority (EIOPA).
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When the draft legislation is implemented:
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