EUROPEAN PARLIAMENT !!! ! ! 1999 ! ! 2004 ! ! !!! Session document FINAL A5-0011/2002 23 January 2002 REPORT on the implementation of financial services legislation (2001/2247(INI)) Committee on Constitutional Affairs Rapporteur: Karl von Wogau Draftsman (*): Pervenche Berès, Committee on Economic and Monetary Affairs (*) Hughes Procedure RR\459860EN.doc PE 304.301 EN EN PE 304.301 2/19 RR\459860EN.doc EN CONTENTS Page PROCEDURAL PAGE ..............................................................................................................4 MOTION FOR A RESOLUTION .............................................................................................5 OPINION OF THE COMMITTEE ON ECONOMIC AND MONETARY AFFAIRS ......... 10 OPINION OF THE COMMITTEE ON LEGAL AFFAIRS AND THE INTERNAL MARKET................................................................................................... 14 RR\459860EN.doc 3/19 PE 304.301 EN PROCEDURAL PAGE At the sitting of 28 November 2001 the President of Parliament announced that the Committee on Constitutional Affairs had been authorised to draw up an own-initiative report, pursuant to Rule 163 of the Rules of Procedure, on the implementation of financial services legislation and that the Committee on Economic and Monetary Affairs and the Committee on Legal Affairs and the Internal Market had been asked to deliver opinions. The Committee on Constitutional Affairs had appointed Karl von Wogau rapporteur at its meeting of 13 November 2001. At the sitting of 13 December 2001 the President announced that the Committee on Economic and Monetary Affairs, which had been asked for its opinion, would be involved in drawing up the report, under the Hughes procedure. The Committee on Constitutional Affairs considered the draft report at its meetings of 19 December 2001 and 22 January 2002. At the latter meeting it adopted the motion for a resolution by 27 votes to 2, with 1 abstention. The following were present for the vote: Giorgio Napolitano, chairman; Jo Leinen and Ursula Schleicher, vice-chairmen; Karl von Wogau, rapporteur; Teresa Almeida Garrett, Pervenche Berès (for Enrique Barón Crespo), Georges Berthu, Guido Bodrato (for François Bayrou), Jens-Peter Bonde, Jean-Louis Bourlanges (for Luigi Ciriaco De Mita), Carlos Carnero González, Richard Corbett, Giorgos Dimitrakopoulos, Olivier Duhamel, Lone Dybkjær, José María Gil-Robles Gil-Delgado, Gerhard Hager, The Lord Inglewood, Sylvia-Yvonne Kaufmann, Neil MacCormick (for Monica Frassoni), Hanja Maij-Weggen, Cecilia Malmström (for Andrew Nicholas Duff), Luís Marinho, Hans-Peter Martin, Iñigo Méndez de Vigo, Camilo Nogueira Román (for Johannes Voggenhuber), Gérard Onesta, Jacques F. Poos (for Jean-Maurice Dehousse), Antonio Tajani, Helle Thorning-Schmidt (for Dimitris Tsatsos) and Paavo Väyrynen (for Paolo Costa) . The opinions of the Committee on Economic and Monetary Affairs and the Committee on Legal Affairs and the Internal Market are attached. The report was tabled on 23 January 2002. The deadline for tabling amendments will be indicated in the draft agenda for the relevant part-session. PE 304.301 4/19 RR\459860EN.doc EN MOTION FOR A RESOLUTION European Parliament resolution on the implementation of financial services legislation (2001/2247(INI)) The European Parliament, – having regard to Article 202 of the EC Treaty, – having regard to the final report of the Committee of Wise Men on the regulation of European securities markets, – having regard to the resolution of the Stockholm European Council of 23 March 2001 on more effective securities market regulation in the European Union, – having regard to Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission1 and the declarations thereon2, – having regard to the agreement with the Commission on procedures for implementing Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission3, - having regard to the framework agreement of 5 July 2000 on relations between Parliament and the Commission (C5-0349/2000)4, – having regard to its resolutions of 13 April 2000 containing its proposals for the Intergovernmental Conference5, 15 March 2001 on the final report of the Committee of Wise Men on the regulation of European securities markets6 and 5 April 2001 on the Stockholm European Council of 23 and 24 March 20017, – having regard to its resolution of 29 November 2001 on the Commission White paper on European governance8 – having regard to Rule 163 of its Rules of Procedure, – having regard to the report of the Committee on Constitutional Affairs and the opinions of the Committee on Economic and Monetary Affairs and the Committee on Legal Affairs and the Internal Market (A5-0011/2002), 1 OJ L 184, 17.7.1999, p. 23. 2 OJ C 203, 17.7.1999, p. 1. 3 OJ L 256, 10.10.2000, p. 19. 4 OJ C 121, 24.4.2001, p. 122. 5 OJ C 40, 7.2.2001, p. 409. 6 Texts Adopted, Item 6. 7 Texts Adopted, Item 13. 8 Texts Adopted, Item 20. RR\459860EN.doc 5/19 PE 304.301 EN 1. Endorses the objective of establishing a single European securities market as quickly as possible; with that aim in view, considers that the requisite measures must be taken to improve the effectiveness of the decision-making process and to speed up legislative procedures, in a manner entirely consistent with the provisions of the Treaty and the interinstitutional balance; 2. Endorses the approach outlined in the report of the Committee of Wise Men and in the resolution of the Stockholm European Council to the effect that the establishment of an integrated securities market calls for action at four levels: legislation, implementing measures, transposition of provisions into national law and enforcement of the law; 3. Considers that, according to Article 202 of the EC Treaty, the comitology procedure as set out in the Council Decision of 28 June 1999 is aimed at the adoption of implementation and application measures by the Commission in accordance with the relevant provisions of the basic instrument (directive or regulation), and cannot be regarded as a 'simplified' or 'delegated' system for the adoption of 'secondary' legislation by that institution; The legislative procedure 4. Endorses the aim of speeding up legislative procedures in the sphere of financial services; undertakes to cooperate constructively with the other institutions with a view to reaching the broadest possible consensus, so that, as far as possible, legislative acts can be adopted at first reading, and urges the Council to do the same, possibly employing informal mechanisms drawing on the example of the trialogue; calls on the Council to do everything in its power to shorten the periods which elapse prior to the adoption of common positions; 5. Urges, with a view to speeding up the establishment of an integrated securities market, that the deadlines for the transposition of Community acts into national law should be reduced to a maximum of one year; 6. Points out that it is incumbent on the Community legislator, Parliament and the Council acting together, to lay down on a case-by-case basis, in each legislative text, the scope of and the limits on the implementing powers conferred on the Commission; Transparency 7. Points out, as regards the imperatives of transparency, that the Council Decision of 28 June 1999 on comitology and the agreement with the Commission of 17 February 2000 require the Commission to forward to Parliament, at the same time as to the members of the committees and in accordance with the same conditions, draft meeting agendas, the draft implementing measures which must be submitted to these committees, pursuant to the basic acts adopted under the codecision procedure, details of the outcome of votes, the summary records of meetings and the lists of the authorities to which the persons designated by the Member States to represent them belong; points out, further, that, in accordance with the relevant case law, Parliament may seek access to the minutes of the PE 304.301 6/19 RR\459860EN.doc EN committees; 8. Regards information and transparency as essential if all the market participants are to be involved as effectively as possible in the establishment of a single European securities market; calls for as much information as possible about all legislative proposals and the work of the committees, in particular the market regulators committee, to be made available to the public, for example via the Internet; draws attention, in that connection, to the provisions of the Regulation on public access to Parliament, Council and Commission documents1; 9. Wishes a European Parliament representative to be able to attend meetings of the Securities Committee as an observer. 10. Considers that the interinstitutional committee foreseen in Article 15 of Regulation 1049/2001 of 30 May 2001 regarding public access to European Parliament, Council and Commission documents, should discuss future developments on public access to documents in the framework of the comitology procedure in order to develop good administrative practices in the institutions; Market participants 11. Considers it essential to guarantee market operators and consumers wide-ranging consultation by setting up a market participants advisory committee under the supervision of the Regulators Committee; Right of supervision 12. Takes the view that some leeway may be granted as regards the scope of the implementing powers if the exercise of those powers