Austrian Finance Minister Karl-Heinz Grasser submitted his plans for the creation of a new unified financial market regulatory authority to cabinet on Jan. 30. The proposed body will be responsible for supervising banks, insurers and the securities market. Grasser stressed that the government aimed to establish a genuinely independent financial market regulator "with bite". Federal Chancellor Wolfgang Schuessel hailed the plans as a "breakthrough".
Under Grasser's proposals, the Finance Minist
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