CRICKET THROUGH A TELESCOPE
November 3, 2009
We are in Brussels for a couple of days this week, hosting with the City of London a round table discussion with other EU financial centres on priorities for the next Commission. With the approval by the highest Czech court of the constitutional correctness of the Lisbon Treaty, it seems that President Klaus's signature is imminent. That means that the appointment process for the new Commission can begin in earnest and it is very timely to be having our discussions this week. Not sure what will emerge from our round table but it is the first time we have done it and, with so much happening at so many levels of government, hearing the perspectives of Paris, Frankfurt, Madrid, Sweden and Holland will be fascinating.
We will also be talking to Brussels decision makers about the AIFM Directive and the deleterious impacts it could have, if unamended, on investors, individual customers and pensionholders and our investment industry.
Today also sees the announcements by the UK government of further proposals on UK banking, relating especially to RBS and Lloyds. These announcements reflect quite strongly the impact of EU rules and legislation and, last week, we saw reports here in Scotland of differences of opinion between our own devolved government and some of our sister business organisations.
Yesterday, I was also lucky enough to take part in a high level discussion on future regulation of financial markets in China.
Now, more than at almost any other time I can remember, it seems important to see how different types of government and their decisions fit together. It is no easy task. Sometimes, it feels like trying to follow a cricket match through a telescope. The trick is to take away the telescope and see the whole pitch.
Owen
PS - And on the RBS and LBG announcement, it is another momentous day for these institutions and their staff. We will all need to look at the details but, as the banks comply with EU and UK government direction, the big issues for the industry in Scotland will be to ensure we collectively come through this as strongly as possible. It will be a difficult and unsettling time for staff as parts of the business go, but there will be opportunities too. If this process brings an opportunity to reinvigorate our industry, and welcome new organisations who see the potential in Scotland, then that must be a focus for SFE.
