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ECON Super Tuesday Print E-mail
Tuesday, 15 April 2014

This week sees 13 more substantive reports voted through from the Economic and Monetary Affairs Committee of the European Parliament. 10 of these finalise laws agreed with the Council, often after many long and arduous negotiating sessions and with the Parliament making significant changes.

Chair of the Economic and Monetary Affairs Committee, Sharon Bowles MEP, said:

“The vast amount of work done by the ECON committee in the current mandate has had various drivers: consumer and taxpayer protection, building financial and economic stability, especially for the Eurozone, G20 agreements, and the reviews in the original financial services action plan legislation.

“Through the reports voted today we are introducing bondholder bail-in for banks that get into trouble, ensuring that levies on banks pay up front for funds to aid orderly resolution and pay out depositors, and establishing the single resolution mechanism for banks that are supervised by the ECB.

“As part of the review of existing legislation and also to complete clearing of derivatives the update of MIFID is also voted today. This is a comprehensive piece of securities and markets legislation that is envied by the US as being all in one place, with a single rule maker. It is of particular importance to the UK as the centre of capital market activity for the EU and globally. The revised proposals increase transparency and establish tighter controls and reporting but have hit the right balance that still permit vibrant market activity that supports the economy and growth.

“For retail investors we are creating the right to basic bank accounts for everyone and establishing investor key information documents for investment products.”

(Source - Sharon Bowles Press Release)


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