| activities |
-
date: 2006-04-06T00:00:00
body: EP
type: Committee referral announced in Parliament, 1st reading/single reading
committees:
body: EP
responsible: True
committee: ECON
date: 2005-07-04T00:00:00
committee_full: Economic and Monetary Affairs
rapporteur:
group: PSE
name: MUSCAT Joseph
-
date: 2006-04-25T00:00:00
body: EP
committees:
body: EP
responsible: True
committee: ECON
date: 2005-07-04T00:00:00
committee_full: Economic and Monetary Affairs
rapporteur:
group: PSE
name: MUSCAT Joseph
type: Vote in committee, 1st reading/single reading
-
body: CSL
meeting_id: 2726
council: Economic and Financial Affairs ECOFIN
date: 2006-05-05T00:00:00
type: Council Meeting
-
date: 2006-05-08T00:00:00
docs:
url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-170&language=EN
type: Committee report tabled for plenary, single reading
title: A6-0170/2006
body: EP
type: Committee report tabled for plenary, single reading
-
date: 2006-07-03T00:00:00
docs:
url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20060703&type=CRE
type: Debate in Parliament
title: Debate in Parliament
body: EP
type: Debate in Parliament
-
date: 2006-07-04T00:00:00
docs:
url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=4742&l=en
type: Results of vote in Parliament
title: Results of vote in Parliament
url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2006-294
type: Decision by Parliament, 1st reading/single reading
title: T6-0294/2006
body: EP
type: Results of vote in Parliament
|
| committees/0 |
- type
- Responsible Committee
- body
- EP
- associated
- False
- committee_full
- Economic and Monetary Affairs
- committee
- ECON
- date
- 2005-07-04T00:00:00
- rapporteur
-
name: MUSCAT Joseph
group: Socialist Group in the European Parliament
abbr: PSE
|
| committees/0 |
- body
- EP
- responsible
- True
- committee
- ECON
- date
- 2005-07-04T00:00:00
- committee_full
- Economic and Monetary Affairs
- rapporteur
-
group: PSE
name: MUSCAT Joseph
|
| council |
-
body: CSL
type: Council Meeting
council: Economic and Financial Affairs ECOFIN
meeting_id: 2726
url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=2726*&MEET_DATE=05/05/2006
date: 2006-05-05T00:00:00
|
| docs |
-
date: 2006-03-10T00:00:00
docs:
url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE370.208
title: PE370.208
type: Committee draft report
body: EP
-
date: 2006-03-30T00:00:00
docs:
url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE371.885
title: PE371.885
type: Amendments tabled in committee
body: EP
-
date: 2006-05-08T00:00:00
docs:
url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-170&language=EN
title: A6-0170/2006
type: Committee report tabled for plenary, single reading
body: EP
-
date: 2006-08-28T00:00:00
docs:
url: /oeil/spdoc.do?i=4742&j=0&l=en
title: SP(2006)3801
type: Commission response to text adopted in plenary
-
date: 2006-09-29T00:00:00
docs:
url: /oeil/spdoc.do?i=4742&j=1&l=en
title: SP(2006)3874
type: Commission response to text adopted in plenary
|
| events |
-
date: 2006-04-06T00:00:00
type: Committee referral announced in Parliament, 1st reading/single reading
body: EP
-
date: 2006-04-25T00:00:00
type: Vote in committee, 1st reading/single reading
body: EP
summary: The committee adopted the own-initiative report by Joseph MUSCAT (PES, MT) on further consolidation in the financial services industry. The report looked at the general perspectives before examining the barriers to cross-border consolidation and commenting on the regulatory and supervisory system.
The committee noted that consolidation was one way, although not the only one, for the financial services sector to respond to growing competition at EU and global level. The aim should not be to reach a particular number of firms, and consolidation must be proportionate to competition. While it was likely to have a positive effect on competitiveness, merger activity often brought with it a fear of job losses, and MEPs called for companies involved to take account of their social obligations.
The report stressed that consolidation should not be a political objective as such, but should bring clear benefits to the economy by stimulating growth, encouraging innovation, ensuring competition, improving access to funding, allowing financial institutions to exploit synergies and cost efficiencies and by giving consumers a greater choice and better quality, while ensuring an adequate level of consumer protection. It said that these potential benefits should not be hampered by unjustifiable obstacles, such as those created by tax barriers and differing supervisory regimes.
Pointing out that different supervisory practices and standards and reporting requirements can be costly and time consuming for companies trading across borders, MEPs welcomed the progress made so far by the committees of national regulatory bodies (the ‘Level 3 committees’) and encouraged them to go further in convergence of different approaches.
Among tax obstacles, the committee highlighted issues regarding inter-group VAT and a lack of legal certainty regarding the VAT treatment of financial services. It also noted that tax systems often favour domestic rather than EU dividends.
As far as supervision was concerned, the report said that increasing consolidation of the industry meant that the supervisory framework would also have to evolve, with a clear definition of responsibilities between host and home country supervisors. In the event of a crisis, cooperation and mutual trust would be crucial, so MEPs encouraged the Commission and national authorities to develop joint proposals for effective crisis management. Lastly, the committee called for a committee of "wise men" to be set up to analyse in detail the issue of supervision of EU financial markets as consolidation progresses, to report back by the end of 2006.
-
date: 2006-05-05T00:00:00
type: Resolution/conclusions adopted by Council
body: CSL
summary: The Council adopted the following conclusions on the cross-border consolidation in the financial sector:
The Council:
- underlines that unnecessary and unwarranted obstacles to cross-border consolidation in the financial sector should therefore be tackled in order to reap the economic benefits of integration and strengthen the global competitiveness of the EU financial industry;
- stresses the importance of sound, fair and non-discriminatory national supervisory practices to achieve a level playing field within the EU paying due attention to the appropriate balance of home/host country responsibilities; and the need for an adequate and independent financial supervision to ensure financial stability;
- invites the Committee of European Securities Regulators (CESR), Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and Committee on European Banking Supervisors (CEBS) to take into account the obstacles identified, and the FSC report on supervisory convergence, in their efforts directed at convergence of rules and practices and in particular to work on common formats for financial institutions reporting to supervisors in order to avoid duplication of costs;
- supports the Commission in its intention to make use of the powers granted to it under the Treaty to ensure the application of basic Treaty freedoms, including application of the existing provisions on competition and state aid;
- reiterates its commitment to an open and integrated EU financial market based on fair and healthy competition among financial institutions and calls for vigilance on discriminatory practices.
-
date: 2006-05-08T00:00:00
type: Committee report tabled for plenary, single reading
body: EP
docs:
url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-170&language=EN
title: A6-0170/2006
-
date: 2006-07-03T00:00:00
type: Debate in Parliament
body: EP
docs:
url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20060703&type=CRE
title: Debate in Parliament
-
date: 2006-07-04T00:00:00
type: Results of vote in Parliament
body: EP
docs:
url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=4742&l=en
title: Results of vote in Parliament
-
date: 2006-07-04T00:00:00
type: Decision by Parliament, 1st reading/single reading
body: EP
docs:
url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2006-294
title: T6-0294/2006
summary: The European Parliament adopted a resolution based on the own-initiative report drafted by Joseph MUSCAT (PES, MT) on further consolidation in the financial services industry. (Please refer to the summary of 25/04/2006.)
-
date: 2006-07-04T00:00:00
type: End of procedure in Parliament
body: EP
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| links |
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| other |
|
| procedure/dossier_of_the_committee |
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| procedure/legal_basis/0 |
Rules of Procedure EP 52
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| procedure/legal_basis/0 |
Rules of Procedure of the European Parliament EP 052
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| procedure/subject |
Old
- 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments
- 2.50.04 Banks and credit
New
- 2.50.03
- Securities and financial markets, stock exchange, CIUTS, investments
- 2.50.04
- Banks and credit
|