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21 April 2010

Commissioner Barnier: The EC needs to close the regulatory loopholes and to take action against non-cooperative jurisdictions


In an interview published in the April DG MARKT magazine, Barnier was optimistic on the AIFMD vote and said that with a bit of good will on all sides a final agreement is possible before the summer. The Commission will also focused its work on promoting the standardisation of derivatives.

In an interview published in the April DG MARKT magazine, Commissioner Barnier presented the following EC plan on financial services:   
·         The EC road map is the G-20 road map and the de Larosière report.
·         There is urgent need to build a supervisory system for the financial sector at European level.
·         Regulate alternative investment funds and to put in place appropriate and effective rules for them. The EC proposal is on the table and with a bit of good will on all sides, a final agreement is possible before the summer.
·         There is a need to close the regulatory loopholes and to take action against non-cooperative jurisdictions.
·         To promoting the standardisation of derivatives, central clearing of derivatives and reporting to trade repositories. This also implies putting in place a prudential framework for central clearing parties. More transparency and security in derivatives markets are essential to create financial stability.
·         To revise MiFID (the Markets in Financial Instruments Directive) where more transparency is needed, in particular for alternative platforms. We will also review the Market Abuse Directive in order to extend its scope of application.
·         The Commission will also ensure the follow-up of international decisions aimed at strengthening the solidity of financial institutions and in particular their own funds in the framework of the Capital Requirements Directive. And the EC will take the opportunity to put in place rules on forward-looking provisioning in order to be better prepared for the crises of tomorrow.
 


© European Commission


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