ECON adopted report on Clearing and Settlement

24 May 2005

The Economic and Monetary Affairs Committee adopted the report on Clearing and Settlement unanimously, with two abstentions. 'The conclusions drawn clearly favour a market-led integration of post trade services in the European Union', Ms Kauppi said.

'While leaving open whether there is a need for legislation, it strongly encourages the Commission to demonstrate any need for legislation by preparing detailed impact assessments', the rapporteur continued.

Mrs Kauppi stated that in any case though double regulation is to be avoided for institutions subject to banking regulation. 'In this point the Committee also addresses the CESR-ESCB standards on Clearing and Settlement. Here wider and more transparent consultation is demanded and the principle of avoiding double regulation explicitly affirmed.'

Final report
Press release Kauppi

© European Parliament