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EU lawmaker criticizes EBA director's potential appointment as CEO of AFME

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EU lawmaker criticizes EBA director's potential appointment as CEO of AFME

European Parliament member and German politician Sven Giegold termed the potential appointment of Adam Farkas, executive director of the European Banking Authority, as CEO of the Association for Financial Markets in Europe as "damaging" for Europe's banking industry.

According to an Aug. 26 Sky News report, Farkas was in advanced talks to become the head of the AFME, a banking lobby group that has been heavily involved in shaping financial markets' response to EU-wide policy proposals, including the Capital Markets Union and a financial transactions tax.

Farkas' potential appointment would see him succeed Simon Lewis, who is expected to step down from the post when his contract expires in October, according to the report.

However, Giegold said such a sensitive move should have a binding cooling off period of 24 months decided by the Council of National Banking Supervisors, as crucial inside information will flow through to the banking lobby from the banking supervisory authority. He noted that Farkas, who has played an influential role in the EBA's work, such as introducing stress tests for Europe's most systemically important banks, should lose access to sensitive information and documents immediately as well.