Council welcomes Commission initiative on Clearing and Settlement

26 November 2004

The Competitiveness Council welcomed the Commission’s initiative to put forward a Communication on Clearing and Settlement. Differing national regulatory regimes may be hinder the development of efficient and safe cross-border clearing and settlement systems in the EU. The Council believes that creating rights of access and choice and establishing a common regulatory and supervisory framework may be useful to create free movement of services and to reach the aforementioned goals.

The Council welcomes the Commission intention to put forward an extended impact analysis of each of the main elements of its planned regulatory proposal. Further proposals by the Commission should take into account the outcome of the regulatory impact analysis. Possible adaptations of supervisory arrangements could be considered, based on the principle of home country control while ensuring an efficient coordination between the concerned authorities, and to make sure that risks in relation to the stability of all relevant markets are taken into account.

The Council invites the Commission to present such an extended impact assessment, based on a non-legal document elaborating the Commission’s proposal. This impact assessment is expected to be presented by autumn 2005.'

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