Mark Hoban, speaking to the Cyprus Chamber of Commerce a few weeks before Cyprus assumes the Presidency of the EU, stressed the need for global financial regulatory reform. He noted the importance of full and consistent implementation of Basel 3 through the fourth capital requirements Directive and Regulation (CRD4 and CRR). He stressed the UK’s belief that no country should be able to opt out of the standards set but that individual jurisdictions should be able to impose higher standards. He moved on to discuss the importance of addressing the third country access problems in the current draft of the revised Markets in Financial Instruments Directive proposals (MiFID 2 and MiFIR), and stressed the EU must not be closed to any third country firm while restricting business for EU firms also. Finally, he said the review of the shadow banking sector must recognise it is “neither shadowy nor banking” but a sector that needs to be understood, and not one in which all players are forced to become banks. He also spoke to TheCityUK, when he focused on domestic regulatory reform. He concentrated on the FS Bill, the plans to implement the Vickers report and the UK plans for recovery and resolution of failing banks. (Source:Mark Hoban Speech to Cyprus Chamber of Commerce and Mark Hoban Speech to TheCityUK)