Press Release
IMA calls for a financial stability legislative committee
16 September 2008
Responding to HM Treasury's consultation on banking reform, the Investment Management Association (IMA) welcomes the proposal for a Special Resolution Regime and calls for the establishment of a Financial Stability Legislative Committee, to be chaired by the Bank of England, with company lawyers and market users forming the committee.
Commenting, Guy Sears, Director of Wholesale at IMA, said:
"Current events reinforce our view that legislation should not be delayed. It is important that the legislation is fit for purpose. Markets will always innovate and it is vital that Government and Parliament are well advised.
Concerns from other institutions that there may be unintended consequences of the new Special Resolution Regime must be listened to. But we cannot sacrifice the good in search of the best. Even if we could find a perfect solution, markets will continuously develop and innovate in ways that cannot be predicted. Accordingly, the new Financial Stability Legislative Committee would ensure Government is advised early on about unintended consequences and in areas in which new measures are required."
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