The EU and Finance Regulation
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Asked by Lord Pearson of Rannoch
To ask Her Majesty's Government what is the legal basis for (a) the proposed system of European Union financial supervision, and (b) the proposed directive on Alternative Investment Fund Managers. [HL1506]
The Commercial Secretary to the Treasury (Lord Sassoon): On EU supervision, the Commission has proposed establishing the new European supervisory authorities under Article 114 of the Treaty on the Functioning of the European Union (TFEU), and the European Systemic Risk Board under two regulations, one based on Article 114 and the other on Article 127(6) of the TFEU.
The legal base for the Alternative Investment Fund Managers directive is Article 53(1) of the TFEU.
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