Tuesday 5 July 2011

Supplementary supervision of financial entities in a financial conglomerate ***I

P7_TA(2011)0311

European Parliament legislative resolution of 5 July 2011 on the proposal for a directive of the European Parliament and of the Council amending Directives 98/78/EC, 2002/87/EC and 2006/48/EC as regards the supplementary supervision of financial entities in a financial conglomerate (COM(2010)0433 – C7-0203/2010 – 2010/0232(COD))

2013/C 33 E/35

(Ordinary legislative procedure: first reading)

The European Parliament,

having regard to Article 294(2) and Article 53(1) of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C7-0203/2010),

having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

having regard to the undertaking given by the Council representative by letter of 17 June 2011 to approve Parliament’s position, in accordance with Article 294(4) of the Treaty on the Functioning of the European Union,

having regard to the report of the Committee on Economic and Monetary Affairs and the opinion of the Committee on Legal Affairs (A7-0097/2011),

Takes note of the statement of the Council and the statement of the Commission, annexed to this resolution;

Calls on the Commission to refer the matter to Parliament again if it intends to amend its proposal substantially or replace it with another text;

Instructs its President to forward its position to the Council, the Commission and the national parliaments.

(1) OJ C 62, 26.2.2011, p. 1.

(As an agreement was reached between Parliament and Council, Parliament's position corresponds to the final legislative act, Directive 2011/89/EU.)

Position of the European Parliament adopted at first reading on 5 July 2011 with a view to the adoption of Directive 2011/…/EU of the European Parliament and of the Council amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards the supplementary supervision of financial entities in a financial conglomerate

Tuesday 5 July 2011

ANNEX TO THE LEGISLATIVE RESOLUTION

Statement by the European Parliament

There are particular circumstances in financial services and the European Supervisory Architecture that make correlation tables essential.

It is hereby declared that the agreement reached between the European Parliament and the Council in the trilogue of 1 June 2011 concerning the Directive of the European Parliament and of the Council amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards the supplementary supervision of financial entities in a financial conglomerate does not prejudge the outcome of inter-institutional negotiations on correlation tables.

Statement by the Council

It is hereby declared that the agreement reached on this specific case between the Council and the European Parliament in the trilogue of 1 June 2011 concerning the Directive of the European Parliament and of the Council amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards the supplementary supervision of financial entities in a financial conglomerate, due to the specificities of this dossier, prejudges neither the position of the Council nor the outcome of inter-institutional negotiations on correlation tables.

Statement by the Commission

The Commission welcomes the outcome of negotiations on this file.

The Commission recalls its commitment towards ensuring that Member States establish correlation tables linking the transposition measures they adopt with the EU directive and communicate them to the Commission in the framework of transposing EU legislation, in the interest of citizens, better law-making and increasing legal transparency and to assist the examination of the conformity of national rules with EU provisions.

The Commission will continue its efforts with a view to finding together with the European Parliament and the Council an appropriate solution to this horizontal institutional issue.