Commenting, Guy Sears, Director of Wholesale at IMA, said: "Current events reinforce our view that legislation should not be delayed. It is important that the legislation is fit for purpose. Markets will always innovate and it is vital that Government and Parliament are well advised.
Concerns from other institutions that there may be unintended consequences of the new Special Resolution Regime must be listened to. But we cannot sacrifice the good in search of the best. Even if we could find a perfect solution, markets will continuously develop and innovate in ways that cannot be predicted. Accordingly, the new Financial Stability Legislative Committee would ensure Government is advised early on about unintended consequences and in areas in which new measures are required."
