UK lawyers have branded the Liikanen Committees
recommendations for European banking sector reform as
The High-level Expert Group, chaired by Bank of Finland
governor Erkki Liikanen, was set up by European Commissioner
Michel Barnier in November 2011 to assess the need for bank
It last week revealed
a series of proposed reforms, which aim to address European
banks excessive risk taking and excessive reliance on
But Morrison & Foersters capital markets partner,
Jeremy Jennings-Mares, said the review created even more
uncertainty for UK banks.
This is counterproductive at a time when there is already
a lot of uncertainty as to how the upcoming legislation, such
CRD IV, is going to pan out, he said.
The key changes
The Liikanen Commission last week proposed a mandatory
separation of proprietary trading and other high-risk trading
activities, a possible...