Paul Myners, Financial Services Secretary, spoke on:
- the AIFMD proposal: at FSA’s Asset Management conference, he looked at why the proposal matters and the major problems with the current draft. He focused on custody, third country aspects and marketing, portfolio company disclosure, leverage caps, capital requirements and the EU process. He spoke of the UK’s efforts to negotiate controversial points; and
- developing a new financial architecture: he spoke at the FT’s Global Finance Forum. He looked at the heart of the finance industry, and lessons from the crisis. He talked of changing behaviours to restore trust and action to strengthen systemically important banks. He discussed the plans for “living wills” for banks and responsibilities of shareholders. Finally he stressed the UK cannot make changes alone.