The European Council has said that information-sharing between regulatory bodies and lawmakers should be improved, following a summer row that raised concerns about the level of Parliamentary scrutiny being given to key pieces of financial regulation.

The UK, French and German delegations to the Council released a joint statement to its Financial Services Committee on October 9, a copy of which has been seen by Financial News, ahead of an FSC meeting on October 14. In the document, they said that recommendations from an FSC report in June around establishing an information exchange between the Council and the European Commission had "not yet been implemented in an effective way".