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Realignment directives on Comitology Procedures (implementing powers conferred on the Commission)
Rapporteur: Pervenche BERÈS (PSE)
EXCHANGE OF VIEWS
Rapporteur Mrs Beres plans to realign her report with other committees. A minor problem might erase from the fact that the sunset clause of some directive already took place, others will come up in September.
Committee vote should take place before the summer break.
Vote in Plenary is planned for September.
Peter Skinner (PSE, UK) reminded on the consistent application of Solvency II and the role of Mutuals/SMEs. Ieke van den Burg (PSE, NL) was particularly interested in the possible consequences for a future European supervisory system.
Karsten Hoppenstedt (EPP, D) and Pervenche Beres (PSE, F) asked fort he timeline that applies particularly in view of the European Parliament elections that take place in June 2009. Mr Hoppenstedt also asked about the role Solvency II has for other countries.
Responding to the questions Mr Steffen announced a training programme for Supervisors on Solvency II starting in July. He also expects a harmonisation of supervisory practices.
On TIMING issues he lined out that time is needed before the start of QIS 4 to undertake a quality check and possible amendments.
He also lined out that the US has high interest in Solvency II. CEIOPS is also in dialogue with China, Russia, and other regions. However, Solvency II will remain a purely European project, and coordination with other countries is currently not intended.
Karel van Hulle, speaking for the Commission, also underlined the need of a proper consultation after the QIS 3. However, the Commission will try to be ready before the election time in 2009.
Mr Hoppenstedt (EPP, D) criticised that the lead supervisor approach taken by the rapporteur is a bid too far reaching. He also called to make Hedge Funds and Private Equity a topic, although the Commission is taking a different view.
Margarita Starkevviciute (LIBE, LIT) said that the idea of a Pan European Supervision should at least be considered as this would also be helpful for smaller countries. For the retail market she called for further legislative initiatives. For competition purposes it can be important to harmonize some products to make them also available in smaller countries.
Mr Purvis (EPP, UK) underlined that no further regulation on Hedge Funds is needed. He also plaid for caution to let the Lamfalussy approach work before calling for any further regulation.
Mrs Beres also underlined the retail sector to be an important factor for financial services. She also called to improve the situation of Supervision in Europe.
Vote in Plenary is planned before the summer break.