Law360, London (July 27, 2016, 8:53 PM BST) -- The European Banking Authority announced guidelines Tuesday to improve communication between regulators and auditors of credit institutions in a bid to protect the European Union’s banking sector and learn the lessons of the financial crisis.The EU-wide guidelines are likely to be published within the next six weeks, the EBA press office said, and will govern the scope of information to be shared between domestic regulators and auditors. In addition, they will lay out the form of communication, the participants, the frequency and timing of communication, and the collective communication required. In the U.K., the guidelines will underpin communication between the financial... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
The European Banking Authority (EBA) has unveiled new guidelines in a bid to push regulators and auditors to communicate better. The development comes in an effort to protect the EU's banking sector and avoid falling into another financial crisis.