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.