The European Parliament has published a press release where it states that a series of informal negotiations are taking place between European Parliament and European Council representatives with the aim of striking a deal on important pieces of legislation ahead of the 4-7 June 2009 elections.
In relation to financial markets, there will be plenary sessions on the 21-24 April 2009 to determine the first reading votes on two pieces of legislation aimed at improving the supervisory arrangements for the financial sector, specifically banking (Capital Requirements) and insurance (Solvency II). Key issues include how to ensure there is an overall supervisory view taken of cross-border financial groups and the future interaction of national supervisory bodies and the EU bodies that aim to ensure coherence between them. On Solvency II, a joint text has been agreed between MEPs and the Council presidency. On Capital Requirements, there has been progress in discussions and Parliament is waiting to hear from the Council on its position. Negotiations are ongoing on a new regulation to improve the transparency and independence of credit rating agencies. The main issues are: how to avoid conflicts of interest, plus the registration and supervision of agencies operating in the EU, and the use of non-EU ratings.
View Negotiations underway on major legislation, 15 April 2009