EUROPEAN Union ministers have approved in principle reforms to EU regulations on financial conglomerates, which have been designed to avoid an Enron-style scandal in Europe. They include rules insisting on the creation of national regulators whose job is to supervise conglomerates and help improve the flow of information about their accounts. The legislation also insists on healthy management standards within conglomerates and would impose rules on calculating group-wide solvency.

The proposed EU 'directive on the supplementary ...

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