05 November 2007

ECON meeting 5 November

To be updated soon.

 

 

 

 

 

Rapporteur: Wolf Klinz (ALDE)       

Asset management II

Consideration of amendments

 

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Rapporteur: Pervenche Berès (PSE)

Implementing powers conferred on the Commission:

Adopted reports:  

- Capital adequacy of investment firms and credit institutions

- Supervision of credit institutions, insurance undertakings and investment firms

- Insider dealing and market manipulation

- Prospectus on securities

- Markets in financial instruments

- The taking up and pursuit of the business of credit institutions

- Transparency requirements in relation to information about issuers of securities

- Life assurance

 

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Rapporteur: Pervenche Berès (PSE)        

International Financial reporting Standard (IFRS) 8 concerning disclosure of operating segments

Adoption of motion for a resolution

 

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Rapporteur: Christian Ehler (EPP-ED)

Deposit guarantee schemes

Adoption of draft report

ECON adopted the own initiative report on deposit guarantee schemes of Christian Ehler (EPP, D). ECON backed the Commission’s view that the results of further research was needed before deciding whether any new EU legislation was needed. This research should cover cross-border risk and crisis management, as well as distortions of competition and unequal treatment between customers. If these analyses reveal problems, the question of harmonising these schemes in terms of their financing, competence and the role of supervisory authorities would need to be addressed.

 

ECON asks the Commission and EU finance ministers to analyse the issue of burden-sharing before and after a potential crisis. Principles should be developed for cross-border risk and crisis management which reduce the free-rider problem and the risk of moral hazard.

 

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Co-rapporteur(s):

Margarita Starkevičiūtė (ALDE)

Peter Skinner (PSE) 

Establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities

Adoption of motion for a resolution

 

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EXCHANGE OF VIEWS with Mr. Johnny AKERHOLM, Chairman of the IIMG together with Mr.Xavier MUSCA, Chairman of the EFC and Mr.Bernard TER HAAR, Chairman of the FSC Subgroup on supervisory issues

 

Due to the parallel meeting in IMCO Committee on Consumer Credit this item could not be covered.

 

© Graham Bishop