Brexit & EconomyPoliticsEU mulls regulatory reform

EU mulls regulatory reform

An upgrade of the 'collegiate' approach to regulation is underway as EU finance ministers gather in Brussels

Brussels is considering an overhaul of the collegiate system of financial
regulation whereby different national securities regulation act in concert.

Maintaining the status quo in EU regulation and supervision is not a suitable
option for the way forward, Jean-Claude Trichet,
European
Central Bank
(ECB) president, said at the opening of the
2007
Eurofi Conference
yesterday.

‘Instead, cross-border convergence and co-operation will need to continue to
be stepped up significantly to safeguard financial stability and foster further
integration and competitiveness of the European financial market,’ he said. ‘The
Lamfalussy framework provides the right institutional setting in this respect.’

The Lamfalussy process is the system set up in 2001, and there are fears that
a review might lead to one overall European regulator.

The Eurosystem would publish its formal assessment – focusing on the banking
sector – ‘within the coming days’. It was ‘convinced the EU framework would
effectively meet the challenges of the credit crunch ‘only if divergences in
supervisory requirements and practices are reduced to a minimum’.

Key issues under consideration included strengthening the role and operating
mechanisms of the Committee of European Banking Supervisors (CEBS); improve the
level of regulatory convergence; and further enhance the arrangements for
cross-border co-operation and information-sharing with respect to the major
cross-border banking groups in the EU.

Further reading:

Ussher rejects EU financial regulator

Europe set for ‘super regulator’

Related Articles

5 key takeaways from Theresa May’s Florence speech

Brexit 5 key takeaways from Theresa May’s Florence speech

3m Alia Shoaib, Reporter
UK at risk of Brexit talent brain-drain

People Practice UK at risk of Brexit talent brain-drain

4m Alia Shoaib, Reporter
Brexit essentials: this week's round-up

Politics Brexit essentials: this week's round-up

4m Alia Shoaib, Reporter
Government publishes post-Brexit customs arrangements policy paper

Politics Government publishes post-Brexit customs arrangements policy paper

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Increased government spending partly offset by high tax revenue

Governance Increased government spending partly offset by high tax revenue

5m Alia Shoaib, Reporter
Less than a third of UK businesses have made formal Brexit plans

Politics Less than a third of UK businesses have made formal Brexit plans

5m Alia Shoaib, Reporter
Nicky Morgan elected Chair of the Treasury Committee

Politics Nicky Morgan elected Chair of the Treasury Committee

5m Alia Shoaib, Reporter