Treasury has responded to the House of Lords report on the EU financial supervisory framework. The response specifically notes:

  • the Government’s support for a single rulebook;
  • the recognition that day-to-day supervision of financial institutions should be done at national level;
  • the agreement that the powers of the European Supervisory Authorities (ESAs) to override national regulators will be used infrequently;
  • the principle that national regulators can intervene in emergencies, but that the ESAs should have a co-ordinating role; and
  • the opportunity the UK now has to raise the standard of regulation across Europe.

(Source: Government Reponse to Committee Report on EU Financial Supervisory Framework)