Brussels wants stricter oversight of banks operating in more than one country

The European Commission has proposed to amend EU rules on the supervision of "financial conglomerates" to allow for stricter oversight in the wake of the financial crisis.

"Drawing lessons from the financial crisis, the commission proposes to equip national financial supervisors with new powers to better oversee the conglomerates' parent entities, such as holding companies," the EU executive said on Monday (16 August) in a statement.

Defining such conglomerates as financial groups...