Charlie McCreevy is pleased there is appetite for a first reading approval of the Community Programme to support activities in the field of financial services, financial reporting and auditing. He also welcomed the support for the proposed changes to the CRD. However, he noted Parliament had not supported some amendments the Commission thinks critical, particularly on own funds and securitisation. Parliament has set the Commission various deadlines, including to put forward by the end of 2009:  

  • a proposal for better supervisory integration between regulators with a view to implementing it by 2011; and  
  • legislative proposals to enhance transparency in the OTC market and set up a central counterpart or clearing house, supervised by the EU.  

Parliament wants the CRD changes transposed by October 2010 and implemented by the end of that year.