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EU stands by pledge to stem new regulation

The European Commission is standing by proposals to vet new rules thoroughly and stop a wave of new regulation hitting EU financial markets over the next five years.

In its long-awaited white paper outlining the EC’s regulatory priorities until 2010, the commission pledges to deploy open, transparent policy-making and impact assessments before introducing new rules.

The paper also stresses the need for a legislative pause following the recent wave of regulation driven through by the EU’s financial services action plan, including mortgage and GI regulation. It rules out introducing new regulation for rating agencies and financial analysts.

The proposals, first outlined in an EC green paper earlier this year, have been received warmly by the industry. The FSA has also been openly critical of the EC’s failure to assess the high costs of the forthcoming markets in financial instruments directive.

FSA spokesman Robin Gordon-Walker says: “We welcome the commitment to carry out impact assessments and modify or repeal those proposals that do not work. These commitments were not under-taken before the other FSAP rules came into force.”

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