EU May Lack Authority To Implement Derivatives Regs

The European Union may not have the authority to implement proposed regulations to govern derivatives, according to lawyers’ for the EU governments, reports Bloomberg.

The European Union may not have the authority to implement proposed regulations to govern derivatives, according to lawyers’ for the EU governments. In their analysis of the measures, the lawyers said, “A power to adopt decisions of general application cannot be conferred on an agency,” namely the European Securities and Market Authority. The lawyers said it would be impossible for ESMA to rule on “clearing of classes of derivative contracts,”

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