APCIMS chief executive David Bennett says he welcomes the new French presidency of the EU, which begins on July 1, but that talk of a single financial regulator must remain off the agenda.
He says: “The private wealth management community has been heavily burdened in recent months by European legislation and the French much resist the introduction of additional regulatory burdens on the retail investment firms’ community. We are deeply opposed to regulatory centralisation and a single EU regulator.”
“We welcome steps to strengthen consistency of supervision within Member States through improved cooperation between national regulatory authorities in the form of colleges. However we would not support any steps that were effectively a back door to a single European wide regulator.”
“We urge the French to seek to ensure that the global competitiveness of EU financial services is the benchmark against which any legislative initiatives are measured during their presidency.”