PROPOSALS FOR EUROPEAN MACRO AND MICRO PRUDENTIAL FINANCIAL REGULATION
"Committee voices concern about over-hasty pace of European financial regulation"
Report and oral and written evidence |
Further written evidence |
Background to inquiry
On the 20 October the Treasury Committee announced a new inquiry into the European Commission’s proposals for financial regulation and supervision and, in particular, the detailed proposals for a European Systemic Risk Board and three European supervisory bodies: a European Banking Authority, a European Insurance and Occupational Pensions Authority and a European Securities and Markets Authority.
- The interaction between EU, national and international regulatory and supervisory arrangements;
- the composition and internal structures of the supervisory authorities and the ESRB; whether the powers proposed for these bodies are appropriate;
- the proposals’ effect on the competitiveness of the European financial industry in general and the City of London in particular;
- the timescale for agreeing the legislation.
The Chairman of the Committee, Rt Hon John McFall, said:
“The Commission's proposals build on those in the de Larosière report, but it is important to get the structure of financial regulation in Europe right. That means all stakeholders need time to study the detail. We have launched this urgent inquiry to make sure that those with any concerns can raise them with the Committee before the ECOFIN meeting on 2 December. These proposals will set the shape of European regulation and supervision for many years to come: it is regrettable there is so little time to consider them.”
The Committee arranged the following oral evidence sessions:
Tuesday 3 November, 10.15am, Thatcher Room, Portcullis House
Dr Kern Alexander, Senior Research Fellow, CFAP, Cambridge University, Dr Jon Danielsson, Department of Finance, London School of Economics, and Richard Portes CBE, Professor of Finance, London Business School; Stuart Popham, Senior Partner, Clifford Chance LLP, Simon Gleeson, Partner, Clifford Chance LLP, and Barbara Ridpath, Chief Executive, International Centre for Financial Regulation
Wednesday 4 November, 3.30pm, Wilson Room, Portcullis House
Lord Myners, Financial Services Secretary, HM Treasury