Follow Us

Follow us on Twitter  Follow us on LinkedIn
 

01 December 2016

EFAMA's De Proft:Brexit already raising questions for EU regulation


Default: Change to:


European regulatory discussions are already being affected by the still-unknown impact of Brexit, according to the director general of EFAMA.


Speaking at a conference in Brussels this week, Peter De Proft said that, while the UK’s impending exit from the European Union (EU) was not being discussed generally, it was “already coming up in every file” as regulations make their way through parliament.

De Proft added: “For example, one of the first implications we see from a political decision like Brexit is that we feel [the European Securities and Markets Authority is] already losing power because there is a shift going to national competent authorities because of hesitation.” 

In addition, De Proft pointed out that, after the next European elections in two years, there may be no more British MEPs on European parliament committees.

De Proft said: “Very often, files have people from the UK as rapporteur. We have a very important financial centre, and, in two years, we will have elections in the European Parliament. Will there still be Brits coming in? This is one of the things already influencing attitudes.” 

The next European parliamentary elections are scheduled for 2019.

UK prime minister Theresa May has vowed to trigger Article 50 by March 2017 at the latest, which will begin formal discussions about the UK’s exit from the EU.

As a result, the two-year negotiation process may be complete or almost complete by the time the next elections are held.

Asked whether he was concerned about the future role of UK bodies such as the Investment Association – a key member of EFAMA – and the Financial Conduct Authority, De Proft said he hoped the industry would “continue to work all together to the benefit of the investors”.

Full news



© IPE International Publishers Ltd.


< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information



Add new comment