07 May 2007

ECON meeting

Key items for Financial Services

Realignment directives on Comitology Procedures (implementing powers conferred on the Commission)
Rapporteur: Pervenche BERÈS (PSE)
EXCHANGE OF VIEWS
Rapporteur Mrs Beres plans to realign her report with other committees. A minor problem might erase from the fact that the sunset clause of some directive already took place, others will come up in September.
Committee vote should take place before the summer break.
Vote in Plenary is planned for September.

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EXCHANGE OF VIEWS with Dr. Thomas STEFFEN, Chairman of CEIOPS
Mr Steffen lined out the recent developments of the Committee activities. He particularly elaborated on the Solvency II project and the timing of the running and forthcoming Quantitative Impact Studies.
QIS 3 results are expected for October, QIS 4 will start at the end of 2008, or beginning 2009, QIS 5 and probably a QIS 6 will be executed that after.
Presentation

Peter Skinner (PSE, UK) reminded on the consistent application of Solvency II and the role of Mutuals/SMEs. Ieke van den Burg (PSE, NL) was particularly interested in the possible consequences for a future European supervisory system.
Karsten Hoppenstedt (EPP, D) and Pervenche Beres (PSE, F) asked fort he timeline that applies particularly in view of the European Parliament elections that take place in June 2009. Mr Hoppenstedt also asked about the role Solvency II has for other countries.
Responding to the questions Mr Steffen announced a training programme for Supervisors on Solvency II starting in July. He also expects a harmonisation of supervisory practices.
On TIMING issues he lined out that time is needed before the start of QIS 4 to undertake a quality check and possible amendments.
He also lined out that the US has high interest in Solvency II. CEIOPS is also in dialogue with China, Russia, and other regions. However, Solvency II will remain a purely European project, and coordination with other countries is currently not intended.
Karel van Hulle, speaking for the Commission, also underlined the need of a proper consultation after the QIS 3. However, the Commission will try to be ready before the election time in 2009.

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Financial services policy (2005-2010) - White Paper
Rapporteur: Ieke van den Burg (PSE)
- Consideration of amendments
Reviewing the tabled amendments Ieke van den Burg (PSE, NL) felt the need to clarify certain definitions, particularly on the “Top Segment”, which should reveal to the FTSE Top 100 companies.
On retail issues she intends to go beyond what is mentioned in the Commission Green Paper issued lately.
With regard to Par 17 she also intends to keep the idea to provide a general guidance with regard to the basic services approach.
On Better Regulation the results of the JURI Committee should be included.
She also wants keep the remarks on the supervisory framework with retard to systemic risks.
A compromise proposal could be found on the supervisory structure, she said, as “all agree on some missing details in the present structure.
All MEPs taking the floor agreed that the report is well balanced and underlined that the different political groups have rather converging views on the report.

Mr Hoppenstedt (EPP, D) criticised that the lead supervisor approach taken by the rapporteur is a bid too far reaching. He also called to make Hedge Funds and Private Equity a topic, although the Commission is taking a different view.
Margarita Starkevviciute (LIBE, LIT) said that the idea of a Pan European Supervision should at least be considered as this would also be helpful for smaller countries. For the retail market she called for further legislative initiatives. For competition purposes it can be important to harmonize some products to make them also available in smaller countries.
Mr Purvis (EPP, UK) underlined that no further regulation on Hedge Funds is needed. He also plaid for caution to let the Lamfalussy approach work before calling for any further regulation.
Mrs Beres also underlined the retail sector to be an important factor for financial services. She also called to improve the situation of Supervision in Europe.
Vote in Plenary is planned before the summer break.

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VOTE 8. Report on Competition Policy 2005
Rapporteur: Elisa Ferreira (PSE)
- Consideration of amendments

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