GFS LinkedIn
GFS Facebook
GFS Twitter
GFS RSS feed

The Big Interview: Eddy Wymeersch

Tuesday 1 June 2010 - by Nicola York

 The Committee of European Securities Regulators chairman talks to GFS about Goldman Sachs, dark pools, AIFMD and regulators always being behind the curve

Eddy Wymeersch doesn’t stand on ceremony; he comes to collect me from reception himself and before we’ve even sat down, he has launched into his thesis on global regulation.

It turns out that his thesis is very simple. If we do not have a system of more effective enforcements, the financial situation will not improve. Stronger enforcement but also effective monitoring of the enforcement are essential in his view.

As chairman of the Committee of European Securities Regulator, Wymeersch’s role is to improve coordination among securities regulators, advise and assist the European Commission and ensure implementation of community legislation in the member states.

CESR was established under the terms of the European Commission’s decision of 6 June 2001 but the organisation will be wound up in at the start of 2011 when its powers will be transferred to the new European Securities and Markets Authority as part of the European supervisory reform package.

The CESR chair and vice-chair, currently Carlos Tavares, are elected from among its members for a period of two years and the Committee meets at least four times a year, though expert and operational working groups of national experts meet on a regular basis.



When we meet, the news that the US Securities and Exchange Commission is investigating Goldman Sachs over allegations of fraud has just broken.

Wymeersch says these allegations are “shocking and disturbing” if true, particularly because Goldmans has been held up as one of the most transparent and honest of the investment banks.

Wymeersch says: “The reason why the question of Goldman now is so shocking is because Goldman has said all the time that not only they were the best in class but they were almost the most honest, the most fair and the most transparent. So if it is true, it would be a big shock for everybody.

“What happens with Goldman and happened in other cases is a little bit annoying. I have seen Gordon Brown saying it is the bankers in the financial system [who are largely to blame for the financial crisis] and it is true. We have to take very much from this the opinion that banks cannot hijack the real world.”


Article pages: |   1  |  2  |  3  |  4  |



WHAT DO YOU THINK?
 
Name:
   
Email:
   
Comment:
   
Post as Anonymous
  Display name
   
Please, enter security code
   
 

No comments yet.
INTERVIEWS & FEATURES
What corruption really costs
Heidi Lawson, partner at Chadbourne & Parke LLP, looks at the impact of compliance and corruption on a company's value.

STRAW POLL

Will markets in 2012 have a tougher time than 2011?

Yes

No

Don't know

View results

FIND A REGION world regions