MPs to query EU regulation

The Treasury Committee is launching an inquiry into the European Commission's proposals for a European Systemic Risk Board and three European supervisory bodies.

The three bodies are:

• European Banking Authority
• European Insurance and Occupational Pensions Authority
• European Securities and Markets Authority.

The Committee is seeking evidence on:

• The interaction between EU, national and international regulatory and supervisory arrangements
• The composition and internal structures of the supervisory authorities and the ESRB
• Whether the powers proposed for these bodies are appropriate
• The proposals' effect on the competitiveness of the European financial industry in general and the City of London in particular
• The timescale for agreeing the legislation

The inquiry is urgent as the proposals are expected to be considered at the ECOFIN meeting and the European Council on 2 December 2009 and 10-11 December respectively.

So little time

The Chairman of the Committee, Rt Hon John McFall, said: "The Commission's proposals build on those in the de Larosière report, but it is important to get the structure of financial regulation in Europe right. That means all stakeholders need time to study the detail.

“We have launched this urgent inquiry to make sure that those with any concerns can raise them with the Committee before the ECOFIN meeting on 2 December.

“These proposals will set the shape of European regulation and supervision for many years to come: it is regrettable there is so little time to consider them."