FSA gets tough with Lamfalussy committees

Europe’s regulators need to be tougher with each other over the implementation of new rules and measures, FSA chairman Callum McCarthy has said. In an interview in the FSA’s latest International Regulatory Outlook, Mr McCarthy, who is a member of the securities committee CESR, said “the problem frankly is that the members of CESR are just too diplomatic to one another”. He said it is essential that members challenge each other more over the implementation of directives and the application of Level 3 guidance. “That is essential if the industry is to be persuaded that we are serious about delivering convergence and the FSA certainly won’t shrink from this kind of tough challenge if it is warranted”, Mr McCarthy said.