Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-03-31-Speech-3-078"
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"en.20040331.3.3-078"2
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"The integration of the financial services markets is essential to strengthen the European economy, as was stated by the European Councils of Lisbon and Stockholm. The implementation of the financial services action plan by the date set in the Councils' conclusions, that is, 2005 for the entire action plan, is crucial if this objective is to be achieved.
The Commission is very pleased with the close cooperation among the Community institutions and expresses its confidence in the continuation of this cooperation for the implementation of the Commission's proposals in accordance with the recommendations of the Committee of Experts chaired by Baron Lamfalussy. The Commission notes that the second intermediate report of the interinstitutional securities markets monitoring group, the follow-up committee, declared that the Lamfalussy process proves to be a viable instrument for improving the efficiency and speed of legislation on, and regulation of, financial markets within the European Union.
In a general way, the Commission, in its White Paper on governance, declared that its executive responsibilities must be more clearly established and that the Council and Parliament should have an equal share in the control of the manner in which the Commission fulfils its executive task. The Commission emphasises its commitment to placing Parliament and the Council on an equal footing in the control of the competences delegated by joint decision. It states in this respect that, since the statement of President Romano Prodi during the plenary session of 5 February 2002, it has made concrete proposals to revise Article 202 and, in anticipation of the possible adoption of the new constitutional treaty, to modify the ‘comitology’ decision of 1999, thus demonstrating its objective, that of reaching a well-balanced solution.
Meanwhile, while awaiting the possible adoption and entry into force of the draft constitutional treaty, there is a need, in the field of financial services, without this establishing a precedent, for flexible regulating mechanisms, although the institutional balance must be fully maintained. In this respect, as regards the area of securities, a letter was sent on 2 October 2001 by the commissioner responsible to the Chairman of Parliament's Committee on Economic and Monetary Affairs. This letter was followed by a formal declaration delivered on 5 February 2002 at a plenary session in Parliament. In the specific context of an extension of this approach to the area of banks, insurance companies, and professional pensions, as well as OPCVMs (mutual fund schemes), the Commission is in a position to reiterate the following. Take note of the intention of Parliament to limit to four years ...
... from the coming into force of each directive concerned, the duration of a delegation of new enforcement jurisdictions to the Commission, subject to a continuation proposed by the latter and accepted by Parliament and the Council. The Commission may be able to accept future amendments adopted by Parliament to this end. It could make sure that Parliament is granted a period of three months from the first transmission of the drafts of the enforcement measures to allow it to examine them and give an opinion on them. However, in the case of a duly justified emergency, this period may be shortened. The Commission can ensure complete transparency in relation to Parliament during the entire procedure of adopting the enforcement measures, and also guarantee wide public consultation prior to working out the drafts of the enforcement measures.
The Commission would welcome the creation of groups of market participants within the Committee of European Banking Supervisors, the European Insurance and Occupational Pensions Committee, as well as the Committee of European Securities Regulators. It recalls its political will to see to it that Parliament benefits from identical treatment. The Commission reaffirms its commitment to ensure effective cooperation between institutions, to keep the strictest account of the position of Parliament and the resolutions that it could adopt respecting enforcement measures that would exceed the jurisdiction provided in the basic act and its objective, in these cases, to reach a well-balanced solution."@en1
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