She also highlighted the following points:
· Europe has been following the global G20 agenda which has largely coincided in time with the scheduled review of the legislation of the Financial Services Action Plan.
· The EU went further, for example, on securitisation. Now there is the situation of trying to find measures to encourage and restore securitisation.
· The next response was also an overdue measure, the AIFM directive, and it suffered all the more because it was overdue and then done in haste. The final outcome was a good result in the circumstances.
· Other measures include transaction reporting, wider regulation of commodity derivative participants, position management, trade data publication, rules on sponsored access, inclusion in MiFID and PRIPS of wider product ranges such as insurance, electronic and telephone recording requirements and greater post trade transparency.
· That leads on to the next major item of regulatory achievement which is the setting up of the European Supervisory Architecture which will be key in much of the new sectoral legislation.
She concluded by saying that all EU regulation on financial services is aimed at reducing risk, but if legislators do it in such a risk averse way that it is impossible – via bans – or unaffordable – via cost – to take a different view from the majority, then we can not get the smoothing of cycles that is made possible by those who are prepared to take the opposite view from the herd.
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