Session 2005-06 1 March 2006
European financial services regulation
The Treasury Committee is currently undertaking an inquiry into European financial services regulation and has examined recent developments in relation to the Financial Services Action Plan and the European Commission's White Paper on Financial Services Policy (2005-2010).
The Committee has previously invited written submissions on this inquiry. However, on 6th February 2006, subsequent to the closing date for these submissions, the European Commission released its draft proposals relating to the Markets in Financial Instruments Directive (MiFID). Accordingly, the Committee would now like to invite focused written submissions on the MiFID proposals only.
It would be particularly helpful if submissions could include comment on some or all of the following topic:
Whether the proposals adequately reflected prior input into the legislative process and the extent to which there were any significant 'surprises' in the proposals, or whether any new requirements were included without sufficient prior consultation;
The extent to which the proposals now provide sufficient information for a full cost benefit analysis to be undertaken at this stage and the desirability of undertaking such analysis;
The identification of any elements of the proposals which are most likely to be interpreted differently across Europe and the problems that this may generate;
The identification of any elements of the proposals which conflict with existing UK regulation and an indication of the costs and benefits of changing these elements to reflect the rules under MiFID;
The identification of areas in which the UK could benefit from rules additional to those included in the Commission's draft proposals and areas in which such 'super-equivalence' should be avoided; and
Whether the UK financial services sector is prepared for the domestic implementation of MiFID and the extent to which the proposed MiFID implementation timetable is realistic for UK firms.
Please note that you may submit written evidence on MiFID to the Committee at this stage, regardless of whether you have already submitted evidence in relation to this inquiry. However, the Committee is not intending to consider any further written evidence on topics unrelated to MiFID.
The oral evidence taken by the Committee on European financial services regulation can be found at:
The European Commission's draft proposals relating to MiFID can be found at:
The Committee would welcome written submissions on this inquiry which should reach the Committee by
3.00 pm on Thursday 30th March.
NOTES FOR SUBMITTERS
Written evidence should be in Word or rich text format and sent by e-mail to [email protected] The body of the e-mail must include a contact name, telephone number and postal address. The e-mail should also make clear who the submission is from.
The deadline is 3.00 pm on Thursday 30 March 2006.
Submissions should be in the format of a self-contained memorandum and should not be of undue length. Paragraphs should be numbered for ease of reference, and the document must include an executive summary, ideally no more than one page long.
Committees make public much of the evidence they receive during inquiries. If you do not wish your submission to be published, you must clearly say so. If you wish to include private or confidential information in your submission to the Committee, please contact the Clerk of the Committee to discuss this. Please bear in mind that Committees are not able to investigate individual cases.
Personal information, such as address and contact details, should be provided separately from the body of your submission. You should be aware that there may be circumstances in which the House of Commons will be required to communicate information to third parties on request, in order to comply with its obligations under the Freedom of Information Act 2000.
Submissions should be original work, not previously published or circulated elsewhere. Once submitted, no public use should be made of the submission unless you have first obtained permission from the Clerk of the Committee.
The Treasury Committee is a Select Committee of the House of Commons, appointed to examine the expenditure, administration and policy of the Treasury, HM Revenue and Customs and associated public bodies. All Members of the Committee are Members of the Sub-Committee.
Rt Hon John McFall (Chairman), L, West Dunbartonshire
Lorely Burt, Lib Dem, Solihull
Mr Jim Cousins, L, Newcastle upon Tyne Central
Angela Eagle, L, Wallasey
Mr Michael Fallon, C, Sevenoaks, (Chairman , Sub-Committee)
Mr David Gauke, C, South West Hertfordshire
Ms Sally Keeble, L, Northampton North
Susan Kramer, Lib Dem, Richmond Park
Mr Andrew Love, L, Edmonton
Kerry McCarthy, L, Bristol East
Mr George Mudie, L, Leeds East
Mr Brooks Newmark, C, Braintree
Mr Mark Todd, L, South Derbyshire
Peter Viggers, C, Gosport