Regulation: Not 'better', Just 'more' Regulation - Despite Several Years Of 'Better Regulation' Emanating From The European Commission, Banks Are Finding Themselves Saddled With Even Heavier Rulebooks, Writes Michael Imeson.(Better Regulation)

Banker, The, August, 2007 by IMESON, MICHAEL

Byline: MICHAEL IMESON

What is it?

The European Commission (EC) is making a lot of noise about its drive for 'Better Regulation', sensitive to accusations that it is strangling businesses with red tape. Guess what? The strangley stuff continues to stream out of Brussels at an alarming rate.

Who dreamed it up?

The EC in 2002, after which it signed an 'Inter-Institutional Agreement on Better Lawmaking' with the European Parliament and the Council in 2003. The body responsible for better regulation in financial services is the Internal Market and Services Directorate-General, headed by commissioner Charlie McCreevy. Member states have taken up the cause. In the UK, for example, there is the Better Regulation Commission, the Better...