BoE has published its response to the Commission’s now-closed call for evidence on the EU regulatory framework for financial services (see FReD 2 October 2015). In its response, BoE discusses rules affecting the ability of the economy to finance itself and grow, where legislative inconsistencies may need reviewing and regulatory burdens which BoE considers to be unnecessary. It also covers rules which could give rise to unintended consequences, such as:

  • the bonus cap under CRD4;
  • restrictions on maximum distributable amount under CRD4;
  • the design of the countercyclical buffer in CRD4; and
  • protected limits under the Deposit Guarantee Schemes Directive.

(Source: BoE Responds on EU Regulatory Framework for Financial Services)