Billionaire hedge fund are behind an anti-EU campaign aimed at taking the UK out of the European Union following a referendum promised by British Prime Minister David Cameron that would allow them to make millions by avoiding Brussels regulators.
As part of the reforms, three European supervisory bodies were set up to help co-ordinate the work of national regulators.
These comprised the European Banking Authority (EBA), which deals with bank supervision, including the supervision of the recapitalization of banks; the European Securities and Markets Authority (ESMA), which deals with the supervision of capital markets and carries out direct supervision with regard to credit rating agencies and trade repositories; and the European Insurance and Occupational Pensions Authority (EIOPA), which deals with insurance supervision.
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