Small firms welcome EU proposals

BRUSSELS - European investment firms welcomed the European Commission's decision to create a special regime for them in terms of the operational risk provisions of proposed new capital adequacy rules, according to trade bodies representing the firms.

The commission, the executive body of the European Union (EU), said in November in its working paper on the new safety rules that operational risk capital charges for certain types of investment services business would be lower than those for banks.

"The story has changed significantly for the better – the European Commission accepts that it needs sensible capital adequacy rules that recognise investment firms are different from banks," said Angela Knight, chief executive of the Association

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