Barnier calls for quick implementation of all financial services legislation
20 May 2010
Commissioner Barnier calls to implement financial services regulation by 2012 to fulfil G20 commitments. This includes applying the MiFID and Market Abuse directives to over-the-counter derivatives. He also revealed that by June there will be amendments to the CRA regulation.
Speaking at the International Conference in Berlin, Commissioner Barnier presented the Commission work for the months to come:
• Next week, the Commission will present a Communication on options for resolution funds.
• In June, there will be amendments to the Regulation on Credit Rating Agencies. To ensure efficient and centralised supervision.
• Also in June, the Commission will adopt a Green Paper on Corporate Governance in financial institutions. A consultation period will follow. The Green Paper will address a number of questions - How to manage risk effectively in financial institutions? How to empower shareholders?
• Later this year and by the beginning of next year, there will be proposals modifying the Market Abuse Directive and the Markets in Financial Instruments Directive in order to make sure that these Directives cover also OTC derivatives.
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