The money will be split about evenly between the national regulators and the states.

Beginning in July 2003 it will be able to veto decisions by national regulators.

If the national regulators support the proposed ruling, the commission would then make it final.

All but the World Bank are groups of national financial regulators.

At the third level, national regulators work on coordinating new regulations with other nations.

Coordination of national regulators will provide for more flexibility within the single market, which is welcome.

It is the national regulators who are responsible for the safety of the installations running in their countries.

The exclusive rights to other parts of the spectrum continue to remain a matter for the national regulators.

The proposal to establish a body of national regulators is based on shared responsibility.

The national regulators are expected to meet or conduct a conference call next Monday to discuss the proposed fine.