Friday 11 June 2010

EU regulating financial markets

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.

Ralf Grahn

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