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The red line for the British Government is that these authorities should not have direct powers over the day-to-day supervision of national firms, and that is the approach on which we are going forward.
The Commission has also published an amending directive, which amends 10 existing financial services directives to enable the new authorities to carry out their tasks effectively. Most significantly, these amendments will clarify the areas in which the new authorities can develop technical standards and many of the areas in which they can mediate in cases of disagreement between national supervisors. We believe that those moves will improve the quality and consistency of regulation and supervision in the EU, and they were agreed to by Heads of State and Government at the European Council meeting in June. The ambitions are also supported by the City and, in particular, by cross-border institutions operating from London.
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