Contents
Terms of Reference
Executive summary
List of conclusions and recommendations
Chapter 1: The regulatory framework in context
The outbreak of the crisis and the EU's
regulatory response
Categorising the nature and objectives of
the legislative response
The international agenda
Deepening the Single Market and the creation
of the single rulebook
The creation of the European Supervisory
Authorities (ESAs)
Banking Union
Assessing the regulatory framework agenda
This report
Chapter 2: The role of the EU institutions
The Commission
The European Parliament
The Council of the European Union
The European Council
Chapter 3: The role of the European Supervisory
Authorities (ESAs)
Box 1: The European Supervisory Authorities
(ESAs)
Box 2: The Level 1 and Level 2 processes
Powers and status of the ESAs
The ESAs and the Level 2 process
The flexibility of the legislative process
Box 3: Review clauses
Consumer protection
Resources
The ECB's relationship with the EBA
Conclusions and recommendations
Chapter 4: The EU financial regulatory framework
in detail
Assessing the effectiveness of the single
rulebook
Market transparency
Consumer protection
Inconsistent rules in the regulatory framework
Ensuring consistent implementation and enforcement
of rules
Ineffective co-ordination and tailoring of
rules to specific areas of the financial markets?
A lack of proportionality?
Assessing the costs of regulatory reform
The politicisation of regulation
Case study one: AIFMD
Case study two: Financial Transaction Tax
Case study three: bank remuneration provisions
Recommendation
Chapter 5: The international regulatory agenda
Box 4: International standards on financial
sector regulation
Figure 1: International, EU and UK financial
services policy-making process
Inconsistencies of approach
Comparing the EU and US approaches
A specific EU approach?
The EU third country regime and its approach
to equivalence
The role of international bodies
Recommendations and conclusions
Chapter 6: The implications for the UK
The UK and the Single Market
Eurozone caucusing?
The UK and the EU: a consistent regulatory
approach?
Maximising the UK's influence
The role of the UK Government
Engagement with the European Parliament
UK officials in the Brussels institutions
The City of London: the EU's global financial
centre
Chapter 7: The future
A period of calm?
Gaps in the regulatory framework
Box 5: The shadow banking sector
The growth agenda
An Investment Plan for Europe
Capital Markets Union
Overview
Appendix 1: List of members and declarations
of interest
Appendix 2: List of witnesses
Appendix 3: Call for evidence
Appendix 4: Summary of major EU financial
sector legislative
reforms
Appendix 5: Glossary
Evidence is published online at http://www.parliament.uk/eu-financial-regulatory-framework
and available for inspection at the Parliamentary Archives (020
7219 3074)
Q in footnotes refers to a question in oral evidence
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