The Association for Financial Markets in Europe (AFME) has published its response to HM Treasury's Consultation, "A New Approach to Financial Regulation, Judgment, Focus and Stability". The AFME states that for a regime with multiple, judgment-led regulatory authorities to function effectively, the precise design of the framework would be critical to its success. The main areas of concern are around ensuring:
- the new regulatory authorities have appropriate objective roles and responsibilities and are subject to the right levels of accountability;
- the current core robust regulation of markets and the expertise of the FSA's market divisions are not diluted in the new framework;
- the framework delivers clear, efficient and effective regulation;
- the continued effectiveness of international and Europe engagement both at policy formation and at the negotiation stages.