Commissioner Olli Rehn says City of London will still be subject to regulation from Brussels The European commission on Monday underlined the negative impact of David Cameron’s summit gambit by pledging that the City’s financial institutions would be subject to new regulations hatched in Brussels. Emphasising the EU’s determination to dismiss Cameron’s abortive attempt to secure exemptions for the City , Olli Rehn, the commission vice-president in charge of economic and monetary affairs, was scathing about the prime minister’s campaign