-The European Parliament's Committee on Economic and Monetary Affairs today officially launched its Panel of financial services experts. The Panel is composed of ten independent experts with experience of working in financial markets, backgrounds in European financial services law and careers in financial services regulation.
Its primary task is to advise MEPs on upcoming proposals for Directives and Commission consultation documents within the framework of the Financial Services Action Plan. Main issues of the work of the Panel will be related to the Basel II agreement on Capital Adequacy, the review of the ISD Directive and the Directive on Regular Reporting Requirements.
In a former speech to the open hearing on the ISD in April this year, Mrs Randzio-Plath set out some of the key issues for the European Parliament, mainly that the change of the framework conditions for security markets and the new rules will not create competitive distortions between different types of service providers. “Given the rapid changes of products and markets, a ‘split’ of the Directive could facilitate the adoption of new market developments” Mrs Randzio-Plath said on that meeting.
Press release on the launching of the Advisory Panel of Financial Services Experts
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