In the UK, HM Treasury has recently published a consultation paper setting out the Government's new approach to financial services regulation. As a response to the financial crisis, the Government has proposed policies that give new prominence to the oversight of macro-prudential and systemic risks. The reforms include the dissolution of the Financial Services Authority and the creation of a number of new regulatory bodies. However, the changes outlined by the Government are a UK level response. These new UK structures, as would those of any other EU member state, must function within the new pan-European supervisory architecture that comes into force on January 1, 2011. The EU structure itself includes three new European supervisory authorities for the banking, securities, insurance and occupational pensions sectors.
Mayer Brown London Financial Services Regulatory partners Nick Kynoch and Angela Hayes reflect on the likely effect of these changes on international businesses operating in Europe, taking the UK as a model of the interaction and dynamic between regulation at the national and "European" level.
Mayer Brown's Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm's global resources from multiple practices and offices, the Initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.
Justice Department Warns Banks and Other Financial Institutions of New, Aggressive Enforcement Programs
Teleconference recording: 11/04/2010