Executives in investment banking and asset management in Europe said the overhaul of regulation has caused uncertainty that is hindering the region's economic recovery. Fund managers and bankers said such uncertainty has curbed lending and investment. "It is virtually impossible to put together a cohesive issuance game plan if the goalposts keep moving and investors are reticent to participate when they don't know whether or not the rules of the game will change," said Allegra Berman, vice chairman of global capital markets at UBS.

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