City unites against UK listing proposal

first_img City unites against UK listing proposal KCS-content Tags: NULL Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap THE City has roundly rejected the government’s proposal to merge the UK Listing Authority (UKLA) with the Financial Reporting Council (FRC) saying such a move would serve to fragment the regulation of the investment market and hurt investors and issuers.The proposal to merge the UKLA was put forward as part of the government’s consultation on changes to financial services regulation published at the end of July. Opposition to the proposal has grown over the last month with the London Stock Exchange (LSE) first to break cover in calling for the UKLA to be part of the Consumer Protection and Markets Authority (CPMA) instead.City bosses are concerned that if the UKLA is merged into the FRC under the guise of a new Companies Regulator as proposed, the City will not be able to influence key negotiations over future financial regulations likely to come from the new European Securities and Markets Authority. Of equal concern is that the government would be replacing one tri-partite authority with another and that primary and secondary investment markets would suffer.A raft of organisations, from the British Banker’s Association, the Investment Management Association, the Association of British Insurers, the Corporation of London, the Association of Financial Markets in Europe, Royal Bank of Scotland and Plus Markets Group, have followed the LSE’s lead urging the government to reconsider and merge the UKLA with the CMPA. Their responses to the consultation, which closes on Monday, were published by the Treasury Select Committee on its website yesterday.Even the Financial Services Authority has criticised the plan saying: “This division of responsibilities within the UK would create a highly fragmented representation in Europe.” It adds: “No other major EU countries separate primary and secondary markets regulation because coherence between the two is essential.” whatsappcenter_img Thursday 14 October 2010 9:33 pm Share Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald whatsapplast_img read more