FBE: Response to Commission's Communication on Clearing and Settlement
27 September 2004
The European Banking Federation published its response to the Commission Communication on Clearinga and Settlement calling for an impact study to consider the existing regulatory and non-regulatory means by which the Commissionfs objectives may be achieved compared with the expected net benefits of new regulatory initiatives.
Points that should be carefully considered include among others the setting out clear framework principles for clearing and settlement of securities. A framework directive should make it very clear when regulatory means can be used and when it could be possible to rely on nonregulatory means. This process would be helped by the analysis to be carried out by the Legal Expert Group, which should lead to an action plan on how to tackle the legal barriers by consideration of a range of options.
Other topics include the Introduction of consistent and coherent definitions and the establishment of a risk-based functional approach to the regulation of the
different actors.
Document
© FBE
