The Commission has published a draft Communication on regulating financial services for sustainable growth. The document states the Commission's intention to present most of the remaining proposals for regulatory reform to the Council and Parliament by the end of year, and to deliver all proposals within nine months. The document sets out the Commission's proposed timescales for measures under negotiation and about to be proposed. The measures include:
- presenting proposals on deposit, insurance and investor compensation and guarantee schemes in July;
- proposals on market infrastructure, financial conglomerates and an "omnibus" amending legislative package to be presented over the summer;
- a proposal for a Directive on legal certainty of securities holding and a Regulation on SEPA in September 2010 and a Communication on crisis management and proposals on short selling/CDS in October 2010;
- proposals on CRD IV and changes to MAD in December 2010; and
- MiFID Review, Solvency 2 implementation, IMD and CRA legislative revisions, and legislation on corporate governance, Packaged Retail Products, crisis management and the UCITS depositary function, all in Spring 2011.
For all these measures, the Commission wants political agreement by the end of 2011. It expects political agreement on the measures already proposed (AIFMD, CRD3 and the Supervision Package) to get political agreement this summer.