Plans to reform the tripartite system have opened a new can of worms

first_img Tags: NULL More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Show Comments ▼ KCS-content WHEN George Osborne set about dismantling the tripartite regulatory system, he said the reforms would help prevent another banking crisis. But his decision to hand responsibility for the UK listing authority (UKLA) to the Financial Reporting Council (FRC) could end up causing even bigger problems. The FRC is controlled by Vince Cable’s business department, whereas the two regulators that will police the City – the Prudential Regulatory Authority (PRA) and the Consumer Protection and Markets Agency (CPMA) – will be under the auspices of the Bank of England and, ultimately, the Treasury.Critics of the government’s plans, such as London Stock Exchange boss Xavier Rolet, say the changes could lead to failings in the regulatory system.If the reforms go ahead, the FRC will have responsibility for primary listings, while the CPMA will have responsibility for secondary listings and all other day-to-day oversight. Important information could get lost in the gap, say critics.Rolet is also worried because the CPMA is the only body that has a seat on the new Brussels super-regulator, the European Securities and Markets Authority. But it will have no experience or knowledge of primary listings in the UK, meaning it will struggle to fight the UK’s corner when it comes to this issue. whatsapp Plans to reform the tripartite system have opened a new can of worms center_img Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo Tuesday 14 September 2010 9:00 pm Share whatsapplast_img