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New regulator will play a supervisory role in Europe

The Prudential Regulation Authority will effectively act as a supervisory arm of European regulation, according to chief executive designate Hector Sants.

Three European supervisory authorities, one for banking, one for insurance and pensions and one for securities and markets, began operating in January and set out the single rulebook for national supervisors.

The PRA will hold the UK’s voting seat within the banking and insurance and pension authorities.

The Financial Conduct Authority will hold the seat within the securities and markets authority.

Speaking at the launch of a briefing document on the PRA last week, Sants said the PRA and industry must work to influence European decisions.

He said: “The new European structure means regulation will be the result of a European process, which will reflect international standards. The PRA will thus essentially be a supervisory arm of a European regulatory regime.

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There is one comment at the moment, we would love to hear your opinion too.

  1. Julian Stevens 28th May 2011 at 9:45 am

    But I very much doubt if we’ll see any respite from the FSA’s established practice of gold plating EU regulatory directives left, right and centre. The only way to obtain EU regulation without FSA gold plating is to secure authorisation from a non-UK regulatory authority.

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