The Council welcomed the agreements on the CRD, CRA Regulation and Solvency II. It urged progress on laws for alternative investment funds, depositories and transparency and stability of derivatives markets. It has called on the Commission and Member States to progress fast on measures to counter the procyclical effects of regulation and take rapid action over executive pay and remuneration in the financial sector. Finally, it supports the Commission’s Communication on a new regulatory structure and the new ESRB and ESFS. It welcomed the Commission’s plans to get the new framework in place during 2010 and said it also needs to look at crossborder systems to prevent and manage financial crises.