Commissioner Barnier - legislative proposals
18 January 2010
At his Hearing with ECON, Commissioner Barnier outlined about 27 proposals for legislative actions and reports in the financial services field, including company law and accounting
Legislative proposals for financial services by Commissioner-designate Barnier - as stated to the European Parliament
1. Reinforced cooperation is the only way of guaranteeing efficient supervision of an integrated European market, including in times of crisis. It is my intention to complete the reform of supervision in Europe with the Parliament and the Council.
2. Proposal relating to the creation of a legal framework for crisis management and resolution. This framework will serve to reinforce and harmonise the supervision of financial groups in terms of equity and liquidity and the financial stability of each Member State and of the Union as a whole.
3. Examine the implementation of European deposit guarantee funds and
4. Resolution funds. One of the lessons to be drawn from the financial crisis is the need to improve the quality and increase the level of equity held by banks in future.
5. Planning a fourth revision of the Capital Requirements Directive (CRD4) in order to incorporate the G20 agenda and the work of the Basel Committee into the Community agenda.
6. The implementation of a modern supervisory framework in the insurance sector is an essential objective and will result in the adoption of application measures under the Solvency II Directive.
7. Reform of the IORP Directive (relating to the activities and supervision of institutions for occupational retirement provision) as part of the revision process.
8. Financial markets and their infrastructure.
o Market abuse and
o MiFID directives to be re-examined.
o Coherent legislative framework for over-the-counter derivatives (OTC), as well as for
o post-trade activities and infrastructure, including
o a legislative proposal on indirectly held securities.
9. With regard to the Single Euro Payments Area (SEPA), I intend to propose a legislative initiative for adoption by the College with the objective of setting one or more deadlines for migration to SEPA products for direct debits and credit transfers, as well as an initiative to improve governance.
10. In the area of retail financial services, I believe that in the face of the current fragmentation of the credit market, particularly the property market, we must present responsible initiatives with regard to lending and borrowing.
11. More specifically with regard to retail financial products, I would like to put forward a coherent legislative framework to ensure that savers are better informed and better advised. I intend to address the issue of sanctions.
12. As regards enterprise governance, I will present a report on governance in financial establishments which will contain proposals for remedying the weaknesses revealed by the crisis.
13. I also intend to present a report on the implementation of the recommendation on remuneration policies in the financial services sector as soon as possible, as well as other initiatives intended to eradicate abusive remuneration practices.
14. I will adopt the same approach in relation to the implementation of the Recommendation on the remuneration of directors, followed, if necessary, by appropriate proposals.
15. With reference to listed companies, a report on the application of the 'Transparency' Directive will be published very shortly, possibly followed by amendment proposals.
16. In the area of financial information, one of my priorities will be the adoption by all of our partners, including the United States, of high-quality global accounting standards, in line with the recommendations of the G20.
17. Improve the governance of the IASB significantly.
18. As regards SMEs, an ambitious proposal for the modernisation of accounting regulations.
19. Statutory audit of accounts, enhance international cooperation in order to enable mutual recognition of supervisory systems in respect of directors, and
20. Potential adoption of the international accounting standards (ISA).
21. With regard to company law, conduct a more in depth analysis of the cross-border transfer of registered offices.
22. A report on the modus operandi of the Statute for a European company.
23. Begin the revision of the 4th and 7th company law directives in particular.
