This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.

EU commissioner sets out regulatory agenda

  • Print
  • Comment

Michel Barnier

Michel Barnier

European commissioner for internal markets & services Michael Barnier says he hopes for a swift agreement on new rules for investor compensation schemes.

The move is part of the commissioner’s work that will look at a number of a consumer/retail investor issues in the first half of 2012.

Barnier says it will look into disclosure rules for retail investment products, to ensure consumers “have access to clear and comparable information about investment opportunities”.

He says there will also be a review of the Ucits directive which will “among other things, strengthen depositaries’ liability”.

The commissioner says he will be looking at possible structural measures for the banking sector, warning it would not ’reproduce’ the UK approach, but was a “tribute” to the influence of the Vickers report. He says he will also be looking at the shadow banking sector.

Barnier says: “We need financial regulation to promote financial stability. And we need to sort out the problems facing the eurozone.

“But these actions alone won’t be enough to exit the crisis.”

He adds: “Let’s try to make 2012 the year when we finally get the debt crisis under control and put Europe back on the path to recovery.

“To do that, we need the strong input of the City. One of Europe’s key assets on the global stage.

“The EU must not hinder the City’s energy. But I am sure it is in the City’s interest, and the wider British interest, to play the European game.”

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

Money Marketing Awards 2015
Put your firm forward as the leading practitioner in your field. Adviser and Advertising categories are open to entries - Enter Now.

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick


How do you plan to vote at the general election?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments