NU Online News Service Aug. 17, 3:55 p.m. EDT

Conglomerates involved in both the banking and insurance sectors could see stricter regulations in European Union member states, possibly by next year, if a European Commission proposal takes effect, the Commission said.

In light of the financial crisis, the Commission said in an announcement, the effectiveness of the 2008 Financial Conglomerates Directive was reevaluated. The Commission said it found that supplementary supervision, as stipulated in the Directive, could not be carried out on certain financial groups because of their legal structure.

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