Quick poll result: Time for (no) action

Author: Jimmie Franklin | Published: 5 Dec 2019

No-action letters have been a hallmark of US financial services regulation for some time now. Would European markets benefit from the same tool?

Should the European Securities and Markets Authority be able to issue no-action letters?

Not many regulators would call themselves popular with the entities they oversee, but the European Securities and Markets Authority (Esma) in particular is no stranger to criticism. Asking its subjects to comply with what they call burdensome and, on occasion, error-laden regulations is one thing, but to make matters worse, these are largely unchangeable by the time they come to fruition.

Many in the market say they welcome enhanced regulation, and accept the need for it following the financial crisis. However, when regulations are ambiguous, irrelevant or even potentially damaging, it can be hard not to become frustrated by the system.

It's not the case in the US, though, where government agencies are able...