The European Parliament adopted in first reading an amended compromise report of the Investment Services Directive (ISD). The highly debated articles on transparency requirements (20.4 and 25) are now limited to shares only.
The most striking point was over Article 25, introducing the term 'systematic internalisation' in shares. A number of MEPs in the European People's Party (EPP) opposed these amendments in the early votes, and moved to abstain in the final reckoning
The European Commission welcomed the European Parliament's vote stating that the main principles of the text are in line with the Commission's proposal. In particular, the principle of a pre-trade transparency obligation is maintained for transactions of a standard market size. Moreover, the notion of 'systematic internalisation' has been clarified.
Council vote will probably take place early October, but discussions among others about pre-trade transparency issues and bond markets are continuing.
Commission press releease
Theresa Villers press release
Text adopted
© European Parliament
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