Friday, January 27, 2017

Ex-chairman of the CMVM will lead the reform of financial supervision – TVI24

The case BES was paradigmatic and the parliamentary inquiry on the Espirito Santo Group and the bank, Ricardo Salgado are mentioned in the order of the Government on the working group that you create from now on to evaluate the model of financial oversight and propose its reform. Will be the ex-president of the CMVM and the former minister of the Economy josé manuel Barroso, Carlos Tavares, to coordinate this group.

The order of the minister of Finance published in the Journal of the Republic indicates that, to accompany him, aestarão Maria Luísa Andrade de Azevedo Cricket and Peter Gramaxo Oak Siza Vieira.

The members of the working group or anyone with whom they collaborate is not receive any remuneration or allowance by the exercise of these functions, it clarifies in the order.

The creation of the working group is justified, in general terms, with the Government program, stating the desire "to reorganize the functions of regulation and supervision, strengthen the independence of regulators and supervisors in relation to the regulated sectors and to prevent abuses in the financial sector".

The global financial crisis and the banking crises that have been associated with put in evidence the multiple failures at the level of supervision and regulation, and questioned the credibility and reputation of the entities of regulation and supervision".

Mário Centeno mentions, in the same order, the project of creation of the Banking Union and the parliamentary inquiry to the case of BES. This last, made echo the recommendation of "reassessment of the current model of financial supervision" and the subsequent "introduction of the necessary changes to enhance their effectiveness and the coordination of the supervisors".

The working group now has two months to submit a draft document for public consultation and the preliminary designs of the legal diplomas that will contribute to the reform proposal.


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