European Parliament resolution on the MiFID draft implementing measures
Date: 2006-06-15
Institutions: European Parliament
Subjects: financial instrument, financial market, interinstitutional relations (EU), investment company, powers of the institutions (EU), securities

9.12.2006

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Official Journal of the European Union

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18.
Calls on the Russian Government to honour its responsibility as President of the G8 and as Chair of
the Committee of Ministers of the Council of Europe to achieve tangible results in the further development
of transparent trade and reliable economic relations and in the establishment of stability, security, democ-
racy and respect for human rights;

Thursday 15 June 2006

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Instructs its President to forward this resolution to the Council, the Commission, the governments
19.
and parliaments of the Member States, the President and Parliament of the Russian Federation, the OSCE
and the Council of Europe.

P6_TA(2006)0271

MIFID draft implementing measures

European Parliament resolution on the MiFID draft implementing measures

The European Parliament,

— having regard to the draft directive and draft regulation of the Commission of 6 February 2006, imple-
menting Directive 2004/39/EC (1) (respectively, Draft Implementing Directive and Draft Implementing
Regulation),

— having regard to the informal drafts of the implementing measures transmitted to the Parliament since

6 February 2006,

— 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 Commission (2),

— having regard to the statement made to the Parliament by Commission President Romano Prodi on

5 February 2002 (3),

— having regard to its resolution of 5 February 2002 on the implementation of financial services legis-

lation (4),

— having regard to Article 64 of Directive 2004/39/EC: the ‘sunset clause’ provision,

— having regard to the proposed modifications of the draft implementing measures adopted by its Com-

mittee on Economic and Monetary Affairs on 30 May 2006,

— having regard to the Commission's answer to the proposed modifications, forwarded to the Parliament
by letter of 9 June 2006, addressed to the rapporteur and to the Chairwoman of the competent com-
mittee,

— having regard to the outcome of the meeting of the European Securities Committee of 8 and 9 June

2006,

— having regard to the Council (Economic and Financial Affairs) conclusions of 5 May 2006, stressing the

importance of supervision, coordination and convergence within the European Union,

— having regard to Rules 103(2) of its Rules of Procedure,

(1) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial
instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European
Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1). Directive as
last amended by Directive 2006/31/EC (OJ L 114, 27.4.2006, p. 60).

(2) OJ L 184, 17.7.1999, p. 23.
(3) SPEECH/02/44.
(4) OJ C 284 E, 21.11.2002, p. 115.

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9.12.2006

Thursday 15 June 2006

A. whereas Article 47 of the EC Treaty, which is the legal basis of Directive 2004/39/EC, makes no express
provision for implementing measures; whereas the Parliament, bearing in mind the objectives of better
regulation and enforcement on a truly level playing field for financial markets, generally supports the
use of implementing measures,

1.
Asks the Commission to take the utmost account of the limits on its powers conferred by Directive
2004/39/EC, in accordance with the applicable provisions of the EC Treaty, in order to ensure legal certainty
for financial market players;

2.
Points out that the draft implementing measures constitute a workable solution for achieving the
objectives of improved operating conditions for investment firms and other trading bodies as well as of
efficient, transparent and secure financial markets in the EU;

3.
Stresses that the work undertaken by Parliament since the publication of the implementing measures
has been stimulated by the need to respect those legislative provisions aimed at achieving a balanced out-
come between competition and transparency for financial markets, stakeholders (shareholders, issuers and
users), regulatory authorities, and democratically elected representatives;

4. Welcomes the willingness that the Commission has demonstrated in working with Parliament towards
achieving the best possible outcome for all parties concerned; recalls the need for the Commission to
involve and inform Parliament from the earliest stages of the committee work;

5.
Notes that the procedure regarding the adoption of implementing measures is almost unprecedented
and detracts from the usual development of EC legislation; points, therefore, to the need to achieve a
mutually satisfactory outcome for all institutions concerned in order to develop the inter-institutional rela-
tionship positively;

Notes that, in a letter of 23 March 2006 to the Chairwoman of the competent committee, Commis-
6.
sioner for the Internal Market and Services, Charlie McCreevy, specified that the Commission's background
notes to the implementing measures are ‘a simple working document produced by the Commission's ser-
vices for discussion purposes only. They do not in any way constitute formal amendments to the draft
measures’; considers, therefore, that the background notes do not add any conditions to those set out in
the draft implementing measures;

7.
Points out that, despite the generally cooperative approach amongst EU institutions, there are struc-
tural deficiencies in the way in which the delegation of legislative powers to the Commission occurs, which
are capable of jeopardising the outcome of important regulation such as the implementing measures;

8.
Signals its willingness to continue to improve the functioning of the inter-institutional relationship
across the whole range of policy areas, and especially within the Lamfalussy process, with a view to reaching
a lasting and mutually satisfactory solution, which puts Parliament on an equal footing with the Council
when calling back the delegation of legislative powers;

9.
Considers that the adoption of Directive 2004/39/EC by co-decision confers on Parliament an integral
role in determining the substance of the implementing measures; considers that Council Decision 1999/
468/EC grants Parliament not only the authority to reject proposed implementing measures if they are
ultra vires but also to modify them in line with the underlying co-decision powers and the spirit of the
inter-institutional relationship, which needs to be wholly and solemnly respected;

Notes the importance of consolidating the role of the Committee of European Securities Regulators
10.
(CESR) in coordinating the activities of national regulators and with a view to promoting regulatory con-
vergence, and as the indispensable key advisor at European level for issues falling within its competence;

Remarks that coordinated activity between the competent national authorities should therefore be
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generally subject to discussion within the CESR; notes that this particularly concerns the following matters:

— the design and establishment of arrangements for the exchange of transaction information between the
competent authorities as required by Directive 2004/39/EC in accordance with Article 13(1) of the
Draft Implementing Regulation,

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Thursday 15 June 2006

— the determination and the discussion between competent authorities of the most relevant market in
terms of liquidity or its alternative in accordance with Articles 8 and 9 of the Draft Implementing
Regulation, and the resolution of potential conflicts on such issues between the competent authorities;

Emphasises that, at the current stage, the CESR lacks the operational means to fulfil its role effec-

12.
tively;

Calls on Member States to provide the CESR with the means necessary to put into effect Directive

13.
2004/39/EC and its implementing measures;

Calls on Member States to strengthen the democratic accountability of the CESR,

14.
towards the Parliament;

in particular

Takes the view that, as they currently stand, the implementing measures comprise the best achievable

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outcome for all parties concerned;

16.

Approves of the implementing measures;

17.

Instructs its President to forward this resolution to the Council, the Commission and the CESR.

P6_TA(2006)0272

Sustainable development strategy

European Parliament resolution on the revised sustainable development strategy

The European Parliament,

— having regard to the Sustainable Development Strategy (SDS) adopted by the Göteborg European Coun-
cil of 15 and 16 June 2001 and to the Johannesburg Action Programme adopted by the World Summit
on Sustainable Development in 2002,

— having regard to the Commission Communication on ‘the Review of the Sustainable Development

Strategy: A Platform for Action’ (COM(2005)0658),

— having regard to the Presidency Conclusions of the Brussels European Council of 16 and 17 June 2005,

and its own previous resolutions on the matter,

— having regard to the questions for oral answer to the Commission and the Council,

— having regard to Rule 108(5) of its Rules of Procedure,

A. having regard to the persistence of unsustainable trends in many areas, such as land use and land

resources, transport, climate change, fisheries, use of fossil fuels and depletion of biodiversity,

B.

emphasising the importance of the three central and related objectives of environmental protection,
social equity and cohesion and economic prosperity, and having regard to the need to ensure that
these three components of sustainable development are properly integrated and implemented at EU
and world levels,

C. having regard to the policy-guiding principles that must underpin sustainable development, in particular

those of quality of life and solidarity within and between generations,

D.

emphasising the need for a shift in culture towards a society based on sustainable development prin-
ciples, requiring policies of a long-term nature aimed at decoupling economic growth from use of
natural resources,