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The BBA issued its response to the second IIMG interim report supporting the IIMG view that there has been a shift of focus with less emphasis on new regulation and more emphasis on transposition and enforcement of existing measures.
BBA notes, however, that there is a continuing tendency for politicians to promote legislation as the solution to regulatory issues e.g. currently there are some who propose hedge funds legislation as an appropriate step by the EU.
BBA takes the view that non-legislative action is generally the better solution for the present time with regard to most issues relating to the EU capital markets. This is particularly so when so much recently adopted legislation is still in the process of implementation or bedding down.