The Council adopted conclusions on financial supervision, on the regulatory framework for crossborder mergers and acquisitions in the financial services industry and on the Commission's white paper on financial services policy for the 2005-10 period. Finance Ministers endorsed key elements such as market consolidation, enforcement of EU legislation, and supervisory convergence. They also support the Single Euro Payments Area (SEPA) and called for more efficiency on clearing and settlement.
The Council underlined that supervisory convergence needs to be intensified to fully benefit from the FSAP and related measures and thus, to reap the benefits of an integrated financial market. The Council urges Member States to timely implement all remaining FSAP and related measures as well as to ensure their proper and consistent enforcement.
Council also underlined to tackle unnecessary and unwarranted obstacles to cross-border consolidation in the financial sector and stressed the importance of sound, fair and non-discriminatory national supervisory practices to achieve a level playing field within the EU paying due attention to the appropriate balance of home/host country responsibilities; and the need for an adequate and independent financial supervision to ensure financial stability;
Concluding on the Commissions’ White Paper ECOFIN stresses that that clearing and settlement of securities transactions should be enhanced, and invites Commission and FSC by autumn 2006 to examine how to best make progress in this area as soon as possible
Commission and FSC shall also by autumn 2006 to examine how to best make progress in the field of SEPA by 2010
Council conclusions on Financial Supervision
Council conclusions on Cross-border Consolidation
Council conclusions on Commission White Paper
© Council of the European Union
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