FSA issues conglomerates rules, warns of more EU regs to come
REGULATORY UPDATE
LONDON -- The UK’s Financial Services Authority’s (FSA) new chairman, Callum McCarthy, has warned financial executives about the "severe strains" UK-based financial institutions will face in implementing new regulations from the EU during 2004 and 2006.
Speaking at a conference in Oxfordshire, England in mid-October, McCarthy’s comments came just days before the FSA published its own version of the EU’s Financial Groups Directive, also known as the Financial Conglomerates Directive.
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