On Financial Services Policy 2005-2010
July 10, 2008 12:00 AM
By Sharon Bowles MEP in European Parliament
Originally published by Sharon Bowles MEP
By Sharon Bowles MEP in European Parliament
Originally published by Sharon Bowles MEP
I have three words of caution, or three points, on our report. Firstly, where I have disagreed most in this report is in the fashion zone, where it is de rigueur to criticise private equity and, even more so, hedge funds. It can be good to look at things, analyse and discuss, but it is then wrong to prejudge what is needed as the outcome just in order to be fashionable.
Secondly, in paragraph 6 we refer to the concentration of financial services provided to large listed companies. It may be proper to mention audit firms in this context as their consolidation has left us with less than a handful that can do large audits. However, it is not correct to suggest that investment banks are in a comparable concentration, given that none of the top three have a 10% market share. Indeed, viewed in that light, to mention investment banks dilutes the very point we wish to make about audit firms.
Thirdly, with the regard to the issue of supervision, this is very interesting, but cooperation and changes are under way. Levels 2 and 3 have to bed down and be refined. How can the next stage be evaluated before outcome of the last is known?
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