European derivatives draft to be published for consultation within days
EC derivatives legislation set to be far more detailed than US financial reform bills, and open to industry comment before final adoption.
The European Commission (EC) is set to publish a draft version of legislation on over-the-counter derivatives this week, to gather industry feedback before proposing a final text to the European Parliament in the third quarter, a senior EC official said today.
"In Europe, we do believe in public consultation and we do believe in impact assessments. We hope to put forward a public consultation on our draft legal texts this week, hopefully within 72 or even 48 hours," said Patrick Pearson, head of
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