Lobbying The EU

The Corporation of London plans to open a Brussels office to lobby the EU directly on the development of legislation to create a single market in financial services – i.e. Europe’s Financial Services Action Plan (FSAP). David Green, head of international policy at the UK’s Financial Services Authority (FSA), will head the new office when it opens in April this year.

The office will give the Corporation and its members – mainly financial institutions based in the City of London – early warning of ideas and initiatives being discussed by the European Commission or other EU institutions. It will also lobby civil servants, Commissioners, MEPs and representatives of other member states on behalf of the City’s financial services interests.

*”This important initiative will help shape new thinking in Brussels about the future make-up and direction of the whole market for financial services in the EU,”*said Michael Snyder, chairman of the Corporation of London’s Policy & Resources Committee.

Meanwhile, the EU has announced that its new financial regulation committee will be set up in London. The Committee of European Banking Supervisors (CEBS) is to be housed in London, with securities supervision remaining with the Committee of European Securities Regulators in Paris, and a new committee on European insurance supervision to be headquartered in Frankfurt.

Mr. Snyder comments: *”London is a powerhouse of international banking expertise and locating this crucial committee here will ensure Europe’s financial markets continue to progress.”*