Industry urges EU to miss 2013 OTC goal
Wednesday 18 January 2012 - by Andrew.Hickley@gfsnews.com
The seven groups, headed up by the European Banking Federation and the Association for Financial Markets in Europe, believe the European securities watchdog that will write the technical standards is overworked. The groups say the watchdog does not have enough time to properly consult and implement the measures by the agreed target of January 2013.
The industry bodies say that the European Banking Authority and the European Insurance and Occupational Pensions Authority are similarly lacking in staff numbers. They are calling for a new requirement to be put in place, giving the supervisors at least 12 months to draft all technical standards after the level one text has been agreed.
"The ESAs are at the heart of the ongoing financial reforms and are the foundation on which all other reforms are based," the letter says.
"We believe that it is very important to give them adequate time and resource to achieve high quality financial reform, underpinning a strong and stable European economy."
Alongside the EBF and Afme, the letter is signed by the heads of the Alternative Investment Management Association, the European Association of CCP Clearing Houses, the Futures and Options Association, the International Capital Market Association and the International Swaps and Derivatives Associations.
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