Goldman Sachs Group Inc.’s U.K. arm hired a French-speaking markets regulator from Britain’s Financial Services Authority, as rule-setting powers move from London to Paris and Brussels.
The bank hired Martine Doyon, a specialist in European Union market rules and an international strategist for the regulator, to head up its EU government-affairs department, an FSA spokesman said in a telephone interview. She becomes at least the ninth senior official to leave the regulator since the government said in 2010 it would abolish the agency.
“A French or German speaker is probably a good place to start” in recruiting a lobbyist, Fred Ponzo, an adviser on capital-markets regulation at Greyspark Partners, said in a telephone interview in London. A spokeswoman for Goldman Sachs declined to comment.
The EU, led by its internal markets commissioner and the former French foreign minister, Michel Barnier, is in the process of overhauling laws governing financial firms, including a review of the Markets in Financial Instruments Directive and derivatives legislation. The Paris-based European Securities and Markets Authority was set up earlier this year to harmonize implementation of the new market rules across the 27 nations.
The hire comes after the U.K. regulator lost Alan Cathcart, a senior official who worked on banking stress tests, to HSBC Holdings Plc.
Thomas Huertas, formerly the head of the U.K. watchdog’s international group, is set to start work at accounting firm Ernst & Young in January. Sally Dewar, the FSA managing director for risk, resigned last year to join JPMorgan Chase & Co.
The FSA restructured into two divisions to prepare for a government-mandated handover of lender supervision to the Bank of England and the creation of the Financial Conduct Authority.
Goldman Sachs’s U.S. arm last year hired Theo Lubke, who previously headed the Federal Reserve Bank of New York’s efforts to reform the private derivatives market.