French official urges EU lawmakers to finalize OTC derivatives regulations

A French regulatory official implored lawmakers of the European Union EU to approve rules that will create a regulatory framework for OTC derivative 786 382691 0 7038001 300 French official urges EU lawmakers to finalize OTC derivatives regulations

A French regulatory official implored lawmakers of the European Union (EU) to approve rules that will create a regulatory framework for OTC derivatives transactions conducted in the jurisdiction, after the latest set of rules was struck down by members of the European Commission. 

On February 5, 2013, a committee of the EC refused to approve a set of rules for the contracts that was proposed by the European Securities and Markets Authority (ESMA), according to The Financial Times. 

Approving a set of rules governing these securities must be done as quickly as possible, Gerard Rameix, who chairs French regulator Autorité des Marchés Financiers, told Reuters. 

“If the rules are delayed it could have consequences for the industry and for relations between the EU and the United States,” he told the media outlet. He said that the matter is now in the hands of the EP, and the members of this lawmaking body must weigh the costs of delay against the concerns they have about what the new rules will look like. 

Many regional lawmakers criticized the proposed laws, but Sharon Bowles, chair of the committee that voted on the proposal, stated that the text of the legislation could be changed to something acceptable very quickly. 

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