Thus, UBS failed to establish a reasonable supervisory system and written procedures to monitor the sale of Non-Traditional ETFs.

FORBES: UBS To Pay Nearly Nearly $2 Million ETF Fine and Restitution

The report by the Financial Services Authority (FSA) said the bank nearly folded in 2008 due to poor management decisions, inadequate regulation and a flawed supervisory system.

BBC: Democracy Live site links

It must also review its supervisory system, which failed to spot the impending havoc from toxic property assets held by banks that had lent crazily to developers.

ECONOMIST: Spanish woes

It takes control of the facility's SCADA (supervisory control and data acquisition system) and through it, is able to destroy the facility.

CENTERFORSECURITYPOLICY: The strategic lessons of Stuxnet

The EU is also moving towards banking union within the eurozone and is planning to have a eurozone-wide regulatory system, the Single Supervisory Mechanism (SSM), which it hopes will begin its work by the start of next year.

BBC: Deutsche Bank shares jump on profits

The ministers are meeting 10 days after their heads of government agreed to use the bloc's temporary bailout funds to recapitalize Spain's ailing financial system and to set up a joint supervisory body for the area's lenders.

CNN: Spain may get extra year to meet targets

The ministers from the 17-nation bloc met 10 days after their heads of government agreed to use its temporary bailout funds to recapitalize Spain's ailing financial system and to set up a joint supervisory body for the area's lenders.

CNN: Eurozone ministers agree bailout for ailing Spanish banks

Yet it does attempt to improve Germany's two-tier board system in particular, by making supervisory boards better guardians of shareholders' interests, despite the presence on these boards of workers' representatives and ex-managers.

ECONOMIST: German companies

On one system, 74 user accounts had privileges enabling them to change program source code without supervisory oversight, the report stated.

CNN: Extensive security gaps persist in DOD networks