A leading MEP has called on the European Parliament to guard against unintended consequences and regulatory crossover, as proposals continue to pour out of Brussels.
Kay Swinburne, speaking at a debate on the CRD IV directive on Wednesday, said all market users must be afforded equal treatment to ensure the benefits of one piece of regulation are not eroded by others.
Addressing 120 industry leaders, politicians and lobbyists in Brussels, the British MEP said the European Parliament should ensure “consistency and continuity” and keep on its toes as a slew of new proposals from 2010 bear fruition.
“[On] the bank resolution discussions we’re having, we desperately need to make sure that they don’t tear into the CRD IV,” she said at the discussion hosted by Cicero Consulting.
“And we need to make sure that any discussions we’re having about deposit guarantee schemes work in a context of Basel III.”
Swinburne, a member of the parliament’s Committee on Economic and Monetary Affairs, added that ensuring a level playing field should be “first and foremost in our minds” when considering new proposals.
She also called for greater supervision from authorities worldwide to ensure that all banks adhere to higher capital and liquidity requirements under Basel III.
“It is not just all jurisdictions, it is all banks within all jurisdictions that should actually be treated equally in terms of capital,”she said.
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