Agenda item

Report of the Director of Economic Development.

The Director of Economic Development introduced an update on the work of the International Regulatory Strategy Group (IRSG). In response to a comment from a member, he replied that the City Corporation provided input and direction into the work of the IRSG, and evaluated the advice produced to establish whether a particular issue presented an opportunity for further work or not: a good example would be the response to the Fair and Effective Markets Review (FEMR).

            In response to a member who noted that the IRSG was an important body that enjoyed a fair amount on influence in its field, another member commented that he was uncertain that the group did the job that it described itself as doing, and questioned the degree of input that members of the City of London Corporation had into its work, such as the recent FEMR response. A member attending committee concurred, noting that financial regulation was an area of interest to her but that her impression of regulatory work at the City Corporation was that it was a ‘closed shop’ in which members had little opportunity to provide input.

            The Director of Economic Development undertook to consider how involvement by members in the work of the IRSG could be increased. He noted that the timeframe for submission to the FEMR had been short, hence any impression that members had been given little opportunity to contribute to the submission. He added that each piece of work was distinct and therefore the scope for member involvement would vary accordingly.

RECEIVED