Mobilising European corporates on derivatives’ regulation

July 11, 2010

I understand that the responses from non-financial companies to the European Commission’s consultation on derivatives’ regulation exceed by far the previous highest figures from this part of the global economy for a Commission consultation on financial services.  We’ve achieved this despite the fact that the consultation was less than half the time of a normal one – being open for less than four weeks compared to a normal minimum of two months.  Now there are rumours of a delay in  further stages within the EU – the work on inter-service consultation and then the adoption by the College of Commissioners of the regulation.  This is hardly surprising given the challenging nature of the responses put in by the EACT and many non-financial companies.

Consultation closed at the end of last week and the DG Markt team need to assimilate what they are being told by the ‘real economy’ about the weaknesses in their approach.  I am optimistic that tomorrow (Monday) will bring good coverage of our arguments in the media and at the same time we will continue to mobilise to communicate our concerns to key decision bodies within the complex EU governance structure that revolves around Brussels.

I now need to focus on organising a letter from European companies to the EU Commissioners, similar to the one sent by the EACT in January that carried more than 160 company names.  The indications are that we can generate support from even more companies this time around and we know that parliamentarians and civil servants in Brussels – not to mention the media – recognise the power of such a response.  As some parts of Europe start to shut down for a summer break before the end of July we need to move quickly on this.  So I’m keen to hear from companies that were not on the list in the January letter; you can reach me here: chairman@eact.eu

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