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Responding to HM Treasury's consultation on banking reform (here), IMA welcomes the proposal for a Special Resolution Regime and calls for the establishment of a Financial Stability Legislative Committee, to be chaired by the Bank of England, with company lawyers and market users forming the committee.
“Current events reinforce our view that legislation should not be delayed”, said Guy Sears, Director of Wholesale at IMA. “Concerns from other institutions that there may be unintended consequences of the new Special Resolution Regime must be listened to. But we cannot sacrifice the good in search of the best.”
Full response to the consultation