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Brexit news: UK must strip out all traces of EU law to escape bloc’s clutches | Politics | News

Brexit news: UK must strip out all traces of EU law to escape bloc’s clutches | Politics | News

Gates Cambridge Scholarship celebrates 20th anniversary

Gates Cambridge Scholarship celebrates 20th anniversary

Israel-Gaza conflict rages as US envoy visits

Israel-Gaza conflict rages as US envoy visits

Police and Crime Commissioner to end funding for heroin addiction treatment scheme

Police and Crime Commissioner to end funding for heroin addiction treatment scheme

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    Gates Cambridge Scholarship celebrates 20th anniversary

    Gates Cambridge Scholarship celebrates 20th anniversary

    Israel-Gaza conflict rages as US envoy visits

    Israel-Gaza conflict rages as US envoy visits

    Police and Crime Commissioner to end funding for heroin addiction treatment scheme

    Police and Crime Commissioner to end funding for heroin addiction treatment scheme

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    Nicola Sturgeon’s own economic adviser warns Indyref2 puts recovery at risk

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    The sad state of Cardiff city centre after a year of lockdown as shops lose fight to hold on

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    Convoy drives through London shouting the Jews, rape their daughters’

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      Gates Cambridge Scholarship celebrates 20th anniversary

      Gates Cambridge Scholarship celebrates 20th anniversary

      Israel-Gaza conflict rages as US envoy visits

      Israel-Gaza conflict rages as US envoy visits

      Police and Crime Commissioner to end funding for heroin addiction treatment scheme

      Police and Crime Commissioner to end funding for heroin addiction treatment scheme

      Nicola Sturgeon’s own economic adviser warns Indyref2 puts recovery at risk

      Nicola Sturgeon’s own economic adviser warns Indyref2 puts recovery at risk

      Horse Racing Getting back on track

      Rochdale hopes machine centre will manufacture revival in fortunes

      The sad state of Cardiff city centre after a year of lockdown as shops lose fight to hold on

      The sad state of Cardiff city centre after a year of lockdown as shops lose fight to hold on

      Convoy drives through London shouting  the Jews, rape their daughters’

      Convoy drives through London shouting the Jews, rape their daughters’

      Conflict intensifies in Gaza as Israeli strikes destroy Gaza tower housing

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      Brexit news: UK must strip out all traces of EU law to escape bloc’s clutches | Politics | News

      Brexit news: UK must strip out all traces of EU law to escape bloc’s clutches | Politics | News
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      Barnabas Reynolds has also urged Parliament to appoint a panel to monitor the activities of UK regulators whom he fears will otherwise have too much power over rules governing financial services. Mr Reynolds, a partner at City-based law firm Shearman and Sterling, will discuss his new paper, Restoring UK Law: Freeing the UK’s Global Financial Market at a webinar organised by the Politeia think tank tomorrow.

      He will be joined by among others, Attorney General Suella Braverman and former Conservative Party leader Iain Duncan Smith.

      Speaking prior to the event, Mr Reynolds told Express.co.uk it was crucial for rules and regulations relating to financial services to be streamlined and simplified.

      He explained: “The UK’s traditional method has been for principles-based regulation, focusing on high standards, predictably applied, but with fewer rules.

      “The EU’s approach is based on the continental civil law, code-based systems, where every aspect of financial business is smothered by a blanket of regulations.

      “What is more, the ECJ’s purposive method of interpretation makes those regulations unpredictable in their meaning.

      “The approach ossifies the law, with the European Commission constantly attempting to update and upgrade the codified scheme to catch up with new business activity. 

      READ MORE: Brexiteer mocks MEP’s ‘childish foot-stamping’ in ambassador row

      There was another, equally crucial point relating to regulators who Mr Reynolds said had attempted to “fill in the gaps in EU law” through their use of “vague regulator principles”, in order to avoid making yet more rules.

      Mr Reynolds said: “However, this has left matters uncertain.

      “Now the regulators will be getting more powers, there will need to be more checks and balances.“

      Since the financial crisis of 2007-2008, the regulators had been engaged in what Mr Reynolds called “regulatory challenge” of financial firms.

      He stressed: “This needs to be counterbalanced with oversight of the regulators themselves.

      “That should happen in two main ways.

      “First, the Treasury Select Committee should appoint a sub-committee, which can draw on a panel of experts to oversee the activities of the regulators.

      “Secondly, the regulators’ powers and objectives should be better defined, so that their rule-making and supervision can be subject to greater judicial review in the courts.

      “If we do these things we’ll have a fully predictable legal and regulatory regime, allowing businesses to innovate and prosper, whilst protecting the consumers, the system and the country.”

      — to www.express.co.uk

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