The European Parliament released the Draft Report of Ms Ieke van den Burg on Current State of Integration of EU Financial Markets. The report states that it is too early to pass a definitive judgement on the FSAP to the extent that many implementing measures have not been adopted and many transposition deadlines into national laws have not been yet reached.
Parliament calls for a 'regulatory pause' to absorb properly the current FSAP. Therefore, the Commission should systematically make an extended impact assessment of its draft legislation (including the competitiveness aspects) and be clear in any proposal about the objectives that the legislation is intended to meet.
The draft report also remembers to the call-back right with regard to delegated legislative measures to be regulated at level 2. This call back right is a precondition for equal treatment of the co-legislators and was a reason behind the sunset clauses in different Directives. It is also a condition sine-qua-non for extension of the Lamfalussy procedure to other sectors. The EP will take due account of the assessment of the Inter Institutional Monitoring Group that regularly monitors the current process.
The report also says that mutual recognition and transfer of responsibilities to home country or “lead” supervisors is only feasible and acceptable when convergence of supervisory and enforcement practices is further developed.
The draft report will be discussed on 1 February in the ECON Committee
Draft report
© European Parliament
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