The European Commission has published a speech by Charlie McCreevy (European Commissioner for Internal Market and Services) entitled Programme to support specific activities in the field of financial services, financial reporting and auditing and Capital Requirements Directive.
In his speech Commissioner McCreevy (CM) states that he welcomes the prospect of a first reading agreement on two key measures:
- The Community Programme to support specific activities in the field of financial services, financial reporting and auditing.
- The review of the Capital Requirements Directive (CRD).
According to CM both measures will make an important contribution not only to the recovery efforts, but crucially, to the long-term effectiveness of financial supervision and the strength of the EU financial sector.
CM further states that the Community Programme is the first step in strengthening the capabilities of the three Committees of Supervisors, in line with the recommendations set out in the de Larosière report. The Programme also prepares the ground for the next steps of European supervisory reform, which the Commission will be publishing in the coming weeks.
On the review of the CRD CM is pleased to express the Commission’s general support for the European Parliament’s amendments. However, the Commission still harbours some concerns on securitisation. On the 5% retention the Commission is pleased to see that the European Parliament resisted the call from industry to do away with it and that the measure is now being seen as plain common sense.