Law firms hit out at EU super-regulator

BRITISH law firms slammed the decision taken by EU finance ministers to create a new pan-European system of market regulation yesterday.<br /><br />&ldquo;The government has allowed these reforms to be rushed through without having engaged in the debate, argued for the right reforms or indeed understood the impact of the proposals on the City,&rdquo; said Ash Saluja of law firm CMS Cameron McKenna. <br /><br />EU ministers agreed the creation of one main watchdog headed by the European Central Bank and three smaller European regulators to cover banking, insurance and securities.<br /><br />Robert Finney of Denton Wilde Sapte said: &ldquo;The Financial Services Authority would like a lot more power over the EU institutions.&rdquo;