EU's Barnier: Global derivatives framework is needed

06/20/2013 | Bloomberg

Michel Barnier, European commissioner for the internal market and services, writes that EU and U.S. authorities have been working during the past five years to develop derivatives rules. However, Barnier expresses concern about U.S. regulators' efforts. "The U.S. approach is flawed because it creates the opportunity for regulatory arbitrage and inconsistencies that put companies in the impossible position of having to comply with rules in one country that are prohibited in another," he writes.

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