UK Inquiry Launched Into EU Financial Regulatory Framework

On July 16, 2014, the House of Lords EU Economic and Financial Affairs Sub-Committee launched a call for evidence to inform its enquiry into the EU financial regulatory framework. The purpose of the inquiry is to assess progress made in reforming the financial system since the 2008 financial crisis, assess the functioning and effectiveness of the EU regulatory framework, consider any gaps, overlaps or unintended consequences of the EU regulatory agenda, assess the balance of powers between the EU and Member States, including evaluating the impact of the Single Rulebook and access of third countries to European markets and, in particular, the implications for the UK such as gauging any inconsistencies in regulation of the Eurozone and the wider European Union. Written evidence should be provided by September 30, 2014. A report and recommendations to the House of Lords is expected in January 2015.