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fsa international regulatory outlook September 12, 2008

Posted by Bradley in : Uncategorized , trackback

The FSA published its latest International Regulatory Outlook yesterday. Since April this year the IRO has a new format. The original idea, as described by John Tiner was:

to highlight the range of regulatory issues (by far the majority in the UK’s case) that originate in EU or global fora and to draw attention to the implications of these for regulation in the UK. The impact of such developments will be felt in retail and wholesale markets and by consumers and firms alike. It is important that there is widespread understanding of regulatory developments among the various stakeholders involved to enable them to input their views at an early stage and to plan for implementation….
The FSA is absolutely committed to evidence-based policy making in the UK. We are working in close cooperation with our partners in the Bank of England and H.M. Treasury to promote such principles more broadly within the EU and, in general, to secure proportionate, effective and well thought through financial services regulation here at home. If we are to achieve these aims we need to be able to rely on informed advice and guidance from the regulated community and consumers of financial services and this document is intended to assist in that.

At the end of 2006 the FSA understood that the IROs had been well-received. But in April 2008, the IRO underwent a transition from explaining that a lot of what the FSA does is really driven by developments in Europe (and encouraging UK-based market participants to try to affect what happens in Europe) to an emphasis on presenting the FSA’s strategy with respect to current issues. The aim of encouraging stakeholders to plan for regulatory change remains. The presentation has also changed: the IROs are now shorter documents (from around 60 pages to 18), and the current issue has pictures of (unidentified) buildings, which I suppose are European – the first looks like the Duomo in Florence, but I’m not sure what that has to do with the topic addressed on the page where the picture appears, which is “Evolution or revolution in European financial services regulation?” Topics covered in the current issue are structural issues in transnational financial regulation, including the idea of establishing “colleges” of regulators, and credit rating agencies.

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