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In the near term, what matters most is that existing rules be applied uniformly and that new rules be adopted quickly in areas where rules are lacking and clearly needed, AMF chairman Jean-Pierre Jouyet said in the opening statement, criticizing the ‘lacking agreement beyond the rhetoric’ for supervisory reform.
“As it is, there is no consensus on the regulatory model, in particular among Europeans, and no point in pretending that a consensus exists”, he said. “The appetite for more regulation will vanish as soon as this crisis has passed”.
"Top priority must be to ensure uniform enforcement of rules already on the books", Jouyet said, "as this will dissuade certain participants from engaging in regulatory dumping".
“We must also tackle the issue of harmonising market infrastructure”, he said calling for a Commission initiative on post-trade rules, “since the code of conduct has shown its limitations”.
“We must also get stricter rules on marketing of financial products, both at national level and at European Union level”, Jouyet said. Financial products are becoming ever more substitutable, but the rules have not changed accordingly.
He underlined the importance of broadening the scope of supervision of all entities or markets, with the AMF pressing in particular to regulating OTC markets.
Finally, with regard to financial supervision, the AMF chair urged that the monitoring of institutions’ solvency ratios ‘should be supplemented by a standard liquidity ratio at the international level’. Similarly, discussions on the interaction between accounting and prudential standards must go forward quickly and in greater depth.