Eu Could Override National Finance Rules Under 'Emergency Situations'

Summary

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THERE might be "emergency situations" where European financial regulation could be imposed on the UK and other countries, the EU's financial services chief admitted yesterday.

But Michel Barnier told British MPs there was no plan for the new European Single Market Authority (ESMA) and related EU banking and insurance watchdogs to supplant local regulators - such as the Financial Services Authority - when they come into effect early next year.

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Eu Could Override National Finance Rules Under 'Emergency Situations'

Barnier told the Treasury select committee that the EU's planned changes would not harm the City of London, "the biggest ...

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