WRITTEN QUESTION E-3611/01 by Jannis Sakellariou (PSE) to the Commission. Lloyd's of London.
Date: 2002-01-08
Institutions: European Parliament, Provisional data
Subjects: EP Committee, access to information, infringement procedure (EU), insurance, petition, right of establishment

C 172 E/96

Official Journal of the European Communities

EN

18.7.2002

(2002/C 172 E/098)

WRITTEN QUESTION E-3604/01

by Salvador Garriga Polledo (PPE-DE) to the Commission

(8 January 2002)

Subject: Integration of settlement systems

Financial experts have criticised the inefficiency of European clearing and settlement systems, although
they have recommended that the initiative to modernise the systems be left to the markets.

Nevertheless, the time appears to have come to put an end to the fragmentation of a structure which is
essential in order to integrate financial markets, given that it provides the framework for confirming the
terms of a transaction, defining the obligations of each party to the operation, transferring the subject of
the transaction to the purchaser and transferring the payment to the seller.

When,
in the Commission’s view, should the corresponding initiative be taken, which is currently
necessary in order to remove the fiscal and regulatory barriers hindering the consolidation of the sector on
the basis of three or four clearing systems?

Answer given by Mr Bolkestein on behalf of the Commission

(25 February 2002)

The Commission shares the view that without efficient, cost-effective clearing and settlement systems in
Europe, the full benefit of an integrated financial market in Europe cannot be realised. In line with the
conclusions of the Report of the Committee of Wise Men on the Regulation of Securities Markets, the
Commission believes that the market should have the main role in shaping the outcome.

However, the Commission will produce a Communication on the subject of clearing and settlement in the
next few months. This paper will set out Commission policy with respect to these important systems. It
will take the form of a consultation document and will seek input from interested parties into the process
of deciding whether and if so how the public authorities can most usefully intervene to assist in the
establishment of a more efficient clearing and settlement landscape in the Community in the future.

The Giovannini Group of financial market experts will also be producing a further report on this subject
later in the year.

(2002/C 172 E/099)

WRITTEN QUESTION E-3611/01

by Jannis Sakellariou (PSE) to the Commission

(8 January 2002)

Subject: Lloyd’s of London

The European Parliament’s Committee on Petitions is currently considering several petitions relating to the
Lloyd’s case.

1.
Can the Commission indicate the date on which, as Commissioner Bolkestein promised in the
summer of 2001, it will take a decision in this connection on the conformity of British legislation with
Directive 73/239/EEC (1)? If it has already taken that decision, to what conclusion did the Commission
come?

Can the Commission further indicate whether members of the Committee on Petitions will have

2.
unrestricted access to the answers to the questionnaire addressed to the British Government?

(1) OJ L 228, 16.8.1973, p. 3.

18.7.2002

EN

Official Journal of the European Communities

C 172 E/97

Answer given by Mr Bolkestein on behalf of the Commission

(15 February 2002)

As the Honourable Member is now probably aware, the Commission decided on 20th December 2001 to
request the United Kingdom to provide additional information concerning the regulation and supervision
of the Lloyd’s insurance market. The request is the first stage of the infringement procedure under
Article 226 (ex Article 169) of the EC Treaty. Based on the information currently available, the Commission
has concerns about the supervision and regulation of Lloyd’s with respect to the requirements of the first
non-life insurance Directive, first Council Directive 73/239/EEC of 24 July 1973 on the coordination of
laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of
direct insurance other than life assurance. The Commission is examining the compatibility of the current
regulatory and supervisory arrangements for Lloyd’s, and on the basis of the information received from the
United Kingdom,
it considers there is a violation of
Community law. The Member of the Commission responsible for the Internal Market has written to the
President of the Petitions Committee to inform the Committee of this decision. The Commission has also
sent separately a copy of the Commission press release to the Petitions Committee secretariat.

the Commission will decide whether or not

the Commission in charge of

With regard to access of Members of the Petitions Committee to the preceding questionnaire addressed to
the British authorities by the Commission, the Honourable Member will no doubt recall that the Vice
President of
this
questionnaire to the President of the Petitions Committee by letter dated 27 February 2001. However, in
accordance with Article 3(2) of Annex III to the Framework Agreement between the Commission and the
Parliament, this document was provided on an exclusive confidential basis to Members of the Petitions
Committee only.

the relations with Parliament provided a copy of

As the Commission has already explained at some length, both through the personal response of the
Member of the Commission responsible for the Internal Market to the Petitions Committee in June 2001
as well as through responses to a number of letters received from Honourable Members, under the
Framework Agreement, the Commission is not at liberty to disclose a copy of the response of the British
authorities, unless the British authorities waive their rights to confidentiality.

In response to a formal request from the Petitions Committee of the Parliament, the Commission has
written to the British authorities asking them to waive these rights. The British authorities have now
replied by letter dated 3 December 2001 that they do not wish to waive confidentiality in light of the
Commission’s on-going investigation. The Commission is therefore unable to provide access to the answers
to the questionnaire addressed to the British authorities. The Vice President of the Commission in charge
of the relations with Parliament and the Member of the Commission responsible for the Internal Market
have written to the President of the Petitions Committee to relay this decision.

(2002/C 172 E/100)

WRITTEN QUESTION E-3622/01

by Gianfranco Dell’Alba (NI) to the Commission

Subject: Decision to discontinue medals for twenty years’ service

(8 January 2002)

It is extremely irritating for a Member of Parliament to be faced with a situation where the Commission
hardly ever replies to questions submitted to it in accordance with a right defined in the Treaties. In the
case of my Written Question E-2056/01 (1), the Commission’s arrogance is particularly unacceptable and,
quite frankly, confirms even the worst criticisms made about it.

C Will

the Commission explain the underlying reasons for the utter contempt it

is showing for
Parliament’s role by sending replies such as the one to the above question, which was presumably
written by a stagiaire?

C Why does it avoid replying to questions as simple as that regarding medals for twenty years’ service?

C Will it answer the three questions contained in Written Question E-2056/01?

(1) OJ C 93 E, 18.4.2002, p. 54.