NFU News

Financial regulation postponed in European Parliament

Last week was supposed to be a busy week in the Economic and Monetary Committee of the European Parliament. The Economic and Monetary Committee – in everyday speech just called the ECON committee – is the Parliament Committee dealing with financial regulation, and where most of the regulation of interest to finance sector employees passes.

The ECON committee had a full agenda for its committee meeting with a number of votes on important financial regulation issues including the Capital Requirements Directive and Regulation (CRD/CRR), the Directive on responsible mortgage lending – with the rather tortuous name Credit Agreements Relating to Residential Property (CARRP), the Parliament opinion on a Financial Transaction Tax, and several other issues.

However, in the end, the Committee only voted on the Financial Transaction tax, where the ECON committee came out with a strong support for a Financial Transaction Tax, and urged the Council to take action on the matter. All other voting items were postponed until the next meeting, as several outstanding issues had to be clarified and agreed upon before an agreement could be reached. The ECON committee usually tries to reach broad agreements, which have the support from as many political groups in the Committee as possible as this provides a more long-term sustainable approach to financial regulation.

On the agenda were also a number of files for discussion and consideration. This includes a debate on the MiFID, where the Rapporteur, Markus Ferber (EPP) recently presented his draft report. The debate showed a general support to the report and an intension to reach a broad agreement. However, the ALDE group (the liberals) and the ECR (new conservatives) want to water down the report on several points, where on the other hand the S&D (socialists and Democrats) and the Greens as well as most Conservatives (EPP) support the line of the Rapporteur.
The NFU secretariat will follow the development and report on the outcome of votes and debates on the key regulatory issues like MiFID and CRD.

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