Europe looking 'dysfunctional and extreme' over Esma equivalency procedure

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Chaotic implementation of the equivalency process by Europe's financial regulator combined with the increasingly unpredictable actions of the European Commission has left Europe looking "dysfunctional and extreme", according to a leading Singapore-based derivatives lawyer.

Paul Landless, partner at law firm Clifford Chance, was speaking on a panel at the FIA Asia conference in Singapore yesterday, when he described the September 3 and October 2 decisions to provide conditional equivalency to a

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