The Telegraph, 22 December, Barnabas Reynolds
As the UK’s financial system emerges from Brussels’ code-based regulatory scheme, a new approach will be required if we are to capture the potential for entrepreneurialism and growth inherent in our traditional legal method.
The Government is already rethinking our inherited EU code. It is proposed that our regulators make many of the rules for the sector, replacing EU-inherited legislative text with a more carefully focused regime. This welcome step will allow regulation to be more agile and thoughtful, focusing on management of financial risk.
The EU’s unnecessarily extensive legislative code, with a regulatory bureaucracy which has created its mirror in the private sector, ossifies market techniques and often proves ill-suited to its task. We should move swiftly to rewrite our regulation so that it is clear, risk-based and as unobtrusive as possible, within the bounds of regulatory safety.
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