6 Amendments of Olivier CHASTEL related to 2022/2188(INI)
Amendment 17 #
Draft opinion
Paragraph 2
Paragraph 2
2. Urges the British authorities to take further action in order to fully meet the subsidy commitments under the TCA, including regulations for specific sectors; emphasises that such work is still required despite the implementation of the Subsidy Control Act 2022 as additional regulations or measures may be needed to fully comply with the TCA’s subsidy provisions; notes that the EU Foreign Subsidy Regulation is due to enter into effect in July 20231a; _________________ 1a Regulation (EU) 2022/2560 of the European Parliament and Council on foreign subsidies distorting the internal market
Amendment 25 #
Draft opinion
Paragraph 4
Paragraph 4
4. Reiterates the fact that decisions on equivalence are not reciprocal and do not form part of the TCA; notes also the UK’s decisions on equivalence in respect of the EU and also in respect of other non-EU countries such as Switzerland, where mutual recognition status has been agreed; recalls that decisions on equivalence could benefit EU firms in terms of greater access to the UK market, including for banking, payment services, investment services, and insurance; notes that the EU has only granted the UK equivalence status in one area – central counterparties – on a time- limited basis, recently extended until 2025; calls for further equivalence decisions to be considered, notes in this regard that the Commission has previously indicated that equivalence assessments for the UK could resume once the Memorandum of Understanding is agreed3a; notes that as of October 2021, the EU had granted 22 equivalence decisions to the United States compared to one in the case of the UK4 ; recognises that while equivalence assessments are predominantly technical, broader political factors are relevant, and supports the Commission’s position that decisions on equivalence should be made when they are in the EU’s interests; encourages the Commission to discuss further equivalence decisions in order to provide greater market access benefits to both EU and UK firms; _________________ 3a https://www.reuters.com/business/finance/ britain-eu-edge-forward-with-financial- services-forum-plan-2021-02-23/ 4 European Affairs Committee of the House of Lords, ‘1st Report of Session 2022–23: The UK-EUrelationship in financial services’, 23 June 2022.
Amendment 32 #
Draft opinion
Paragraph 5
Paragraph 5
5. Notes the desire of the British Government to adopt divergent regulation from the EU in respect of financial services, including by way of the Financial Services and Markets Bill5 , which proposes to repeal, replace, or amend retained EU law in the area of financial services and to delegate greater responsibility to UK regulators; welcomes the EU’s recent progress on legislation in respect of financial services, even where this may result in regulatory divergence from the UK, including with respect to cryptocurrencies, taxonomy, listing and anti-money laundering; acknowledges that the UK and the EU may adopt different regulatory approaches in the area of financial services and may not necessarily maintain a harmonised regulatory regime; supports the EU’s legislative progress in this area, even where this may result in regulatory divergence from the UK; stresses, however, the benefits of future regulatory cooperation, and of engaging in the development and integration of international standards; _________________ 5 UK Parliament, ‘Financial Services and Markets Bill’, 11 May 2023.
Amendment 74 #
Draft opinion
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Stresses that such a forum must operate in a transparent manner with stakeholder engagement as appropriate; notes that, after several years of turmoil, institutions and investors in the EU and UK need clarity and legal certainty in order to make business decisions and investments;
Amendment 76 #
Draft opinion
Paragraph 13 b (new)
Paragraph 13 b (new)
13b. Calls on the parties to use the forum to identify and address mutual threats to financial stability and consumer protections, as well as new developments and innovations in the markets, to promote a consistent approach where possible;
Amendment 78 #
Draft opinion
Paragraph 13 c (new)
Paragraph 13 c (new)
13c. Stresses that the parties to the forum should engage in the spirit of sincere cooperation to ensure that the relationship is constructive and underpinned by the common objectives of safeguarding financial stability and consumer protection;