The Ecofin Council 8 June has issued a report to the European Council 17 June 2010 on regulation of financial markets:
Ecofin Report - Preparation of the European Council on the state of play on measures in the financial sector in response to the crisis (document 10861/10; 17 pages)
According to the Ecofin Council, by taking forward this ambitious programme of reform and by setting clear and differentiated priorities, the European Council would demonstrate Europe's determination to bring about a safer, sounder, more transparent and more responsible financial system which is internationally consistent and in line with the G20 Communiqué of 5 June 2010.
The issues dealt with are:
I Financial exit (from banking sector support regimes)
II Financial supervision (banking, insurance and securities markets)
III Crisis management (EU policy coordination framework; EU regulatory framework for crisis prevention, management and resolution; introduction of a levy on financial institutions;
IV Market infrastructure (credit default swaps; OTC derivatives markets;credit rating agencies)
V Other financial regulatory measures (prudential regulation of financial institutions; extending regulation and supervision to all significant financial actors; improving eurozone fiscal surveillance; Commission's Communication "Regulating Financial Services for Sustainable Growth")
The last five pages are dedicated to a discussion about EU common grounds on levies for financial institutions.