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UK says EU regulation plans should match June deal

Published 09/23/2009, 07:38 AM
Updated 09/23/2009, 07:39 AM

LONDON, Sept 23 (Reuters) - Britain wants new European Union financial services regulation proposals to match those agreed by heads of government in June, Financial Services Secretary to the Treasury Paul Myners said on Wednesday.

The European Commission unveiled legislative proposals for pan-European financial regulators earlier on Wednesday, but Britain is concerned that new laws do not damage the financial services industry centred in London.

"Our goal in negotiations in the months ahead will be to ensure that the final proposals align with the Council's instructions in June," Myners said in a statement.

"We have called for legislative proposals to establish the European System of Financial Supervisors and European Systemic Risk Board. We will study the proposals carefully."

The Commission proposals come just before heads of government from the Group of 20 developed and developing nations meet in Pittsburgh in the United States on Sept. 24-25.

"The UK is playing a vital leadership role in the reform of global banking regulation. We will continue to push for real reform at the domestic, European, and international levels including at the G20 summit in Pittsburgh this weekend," Myners said. (Reporting by David Milliken; Editing by Ron Askew)

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