EU parliament OKs no-action powers but leaked doc signals delay

Council note means regulators may not get no-action powers until at least November

European Parliament - getty - web.jpg
The European Parliament overcame internal disagreements to come up with a no-action procedure

The European Parliament has voted to grant pan-European financial watchdogs the power to postpone incoming rules in some cases. But a leaked document from another legislative body suggests the regulators may not be able to exercise their new powers until at least November.

For financial firms, this is good news and bad news. They will welcome the major step towards a formal no-action procedure in the European Union, already long in existence in the US. They may, though, have to wait a while yet

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