Major initiatives to improve financial supervision and enhance macro-financial surveillance and crisis management will be put into practice. The White Paper on the reform package for EU Financial markets will be published on 8 July 2009.
The Commission has presented its Annual Policy Strategy which paves the way for establishing a policy agenda for 2010. The priorities might be subject to a review at the start of the next Commission’s mandate. The impact of the current financial and economic crisis is likely to be significant both in 2009 and in 2010 and can be expected to remain the focus of the Commission's work.
The Commission also outlined the outstanding issues for 2009 and plans to publish the White Paper on the reform package for EU Financial markets on 8 July 2009. Main policy objectives include a reinforced prudential legislation, rethinking incentives structures (e.g. remuneration schemes), strengthening risk management in financial institutions, enhanced and more efficient supervisory arrangements.
Two more White Papers on early intervention tools to ensure bank stability and on requirements for retail investment products are also forseen to be published before summer 2009.
One of the priorities in 2010 will be to manage the impact of crisis-related changes in Europe’s economy through state aid and merger control activity, the paper states. Stepping up the fight against cartels and the enforcement of competition rules in network industries – including financial services - will also aid economic recovery.
2010 should see economic recovery alongside a reformed international financial architecture, the Commission expects. The Commission will participate actively in the various international forums that will be shaping new global structures. Major initiatives to improve financial supervision and enhance macro-financial surveillance and crisis management will also be put into practice.
The European Economic Recovery Plan provides a solid basis for building the conditions for recovery – its implementation during the rest of 2009 and into 2010 will be a matter of high priority.
Depending on the completion of national ratification processes, 2010 may see the Treaty of Lisbon bring about major changes to the EU's institutional framework. Entry into force of the Treaty would require the Commission to submit a number of proposals to give full force to its provisions.
As for 2009, the following Commission initiatives are envisaged:
Commission initiatives 2009 – excerpt (full list available here):
Recommendation on the removal of fiscal procedure barriers in securities post-trading infrastructure
Building on the findings of the FISCO Group, the Commission will recommend the removal of a number of fiscal procedure barriers in securities post-trading infrastructure.
White Paper on requirements for retail investment products
Analysis of current practices and regulatory frameworks and their impact on markets and investors
White Paper on early intervention tools to ensure bank stability
There is currently inadequate regulatory coverage and tools for banks that have difficulties with their solvency requirements but are still operational (not bankrupt).The White Paper will seek to scope out options and potential regulatory responses that could be taken up on an EU-wide basis.
8 July 2009
White Paper: Reform package for EU Financial markets
The main policy objectives should be the following: Prudential legislation should be reinforced, incentives structures (e.g. remuneration schemes) should be rethought, risk management in financial institutions should be strengthened, more efficient supervisory arrangement should be put in place, international cooperation should be enhanced.
Proposal for amendment of the Prospectus Directive - Recast
Review certain aspects of the functioning of the prospectus regime
Report on conflict of laws for intermediated securities
To lay the basis for a comprehensive conflict of laws rule for intermediated securities in order to enhance legal certainty.
3rd Quarter 2009
Commission Report on Commodity Derivatives under MiFID and the recast CAD
Legal obligation for the Commission - Evaluation of appropriateness of the relevant provisions of the MiFID leading – eventually – to modifications to the MiFID.
Second implementation Report on the Ecommerce
The report would highlight that the Directive is working well, and refute the need for a broad evaluation. It would also provide some legal clarifications (mainly clarifying the interpretation of liability provisions for internet service providers).
Annual Report to the Economic and Financial Committee on the situation of capital markets
European Financial Integration Report
Report and, if appropriate, proposals on a harmonisation of the funding mechanisms of deposit-guarantee schemes and the possible introduction of a Community deposit-guarantee scheme
4th Quarter 2009
Report on mutual recognition of the supervision of securities markets with US - staff working paper
Commission policy priorities for 2010
Commission initiatives 2009
Work programme is published here.
More information available here.
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