Mark Hoban, speaking at the London Stock Exchange, stressed that regulatory change is necessary and discussed the priorities of the UK in negotiating key EU Directives. He specifically commented that:
- the financial transaction tax (FTT) will not work unless applied globally;
- the UK is at the forefront of arguing for the fourth Capital Adequacy Directive (CRD4) to represent minimum standards required to implement Basel III and striving to ensure the Regulation on OTC Derivatives, Central Counterparties and Trade Repositories (EMIR) and the Markets in Financial Instruments Directive (MiFID) Review protect competition and make changes driven by regulatory need not political whim; and
- the UK is also committed to its own reforms, both of regulatory structure and of banking regulation. He spoke specifically of the Independent Commission on Banking report and recovery and resolution plans.
(Source: Treasury Speaks on Regulatory Change)