After earlier this month rejecting a need for any further hedge fund regulation, Charlie McCreevy, the European Union’s internal market commissioner, now has expressed opposition to having a single financial market regulator.
“The creation of a pan-EU supervisor [for financial markets] isn’t on the agenda,” McCreevy told a conference in Beijing, as reported by Dow Jones Newswires. He did say, however, that he will work on cleaning up the EU’s clearing and settlements markets, which currently are costly and fragmented as a result of varying tax rules in the EU. Earlier this year, McCreevy said new legislation and regulation to ameliorate the situation.