The president of Euronext Lisbon believes that the Government's proposal for the reform of financial supervision will bring complexity, slowness and costs, making difficult the task of boosting the market. In an interview with Jornal Económico (paid access), Isabel Ucha argues that, when more entities are created, it is more difficult then to extinguish them.
"Reform of supervision goes in the opposite direction to what we understand the supervisory model to be, because it moves away from real people and real businesses by introducing additional complexity into the decision-making process, an additional slowness due to the fact that there is more entities involved, and creates more unpredictability, "he said.
The CEO of the Lisbon Stock Exchange points out that direct supervisory fees of € 1,258,125 / year, which represent almost 10% of its annual costs, are already in place. The amount in question results from a 40% increase in these rates, implemented in 2016, with supervisory fees on the capital market again rising last year.
"We will have a model with six supervisory entities (…). I do not know of any other country with this complexity and profusion of supervisory entities, "explained Isabel Ucha, in statements to the weekly. The head of Euronext considers that "there is a lack of deep reflection that has not been done on the nature of the problems that are intended to be solved".