16 July 2003

EMAC compromise amendments on ISD

The Economic and Monetary Affairs Committee agreed on some 35 compromise amendments on the Investment Services Directive. However, after long discussions between the rapporteur Theresa Villiers and members of the EPP, these compromise amendments have already been amended. On amendment A30 for example Mrs. Villiers now wants to replace the term “standard market size” by “reasonable size” to avoid any confusion of definitions between Articles 3 and 25 of the Commission proposal.

In a first statement Mr. Katiforis said that he objected to this amendment, and Mr. Herzog said that the amendment of the compromise amendment now leads to total confusion as there are no translations of the original compromise amendments which leads to a situation where nobody knows what the compromise is and what to vote on.

The translations of the compromise amendments will be sent to committee members by 25 August, and the Committee vote on the ISD is planned for 2 September. But as Mr. Goebbels already noted there might well be further compromise amendments after the Committee vote has taken place, and it will then be left to plenary to decide on the final text.

Compromise amendments as of 10 July 2003

© Graham Bishop