natgillin/translations-raw huggingface dataset:
34. žádá Komisi, aby reagovala na zprávy z vlastního podnětu schválené Evropským parlamentem během předcházejícího volebního období; se zájmem bere na vědomí úsilí, které vynaložila Mezinárodní organizace komisí pro cenné papíry a výbor CESR na zvýšení transparentnosti a řízení ratingových organizací a navrhuje Komisi, aby s cílem vytvoření plánu uznání EU pro vnější instituce úvěrového hodnocení podle článku 81 navrhované směrnice o kapitálových požadavcích vyhodnotila jejich situace, pokud jde o konkurenceschopnost a možný střet zájmů; žádá Komisi, aby předala svá zjištění v této oblasti Evropskému parlamentu;
Asks the Commission to respond to the initiative reports adopted by the European Parliament during the previous parliamentary term; notes with interest the efforts of the International Organisation of Securities Commissions and the CESR to improve transparency and governance of credit rating agencies, and suggests that the Commission, with a view to establishing a EU recognition scheme for External Credit Assessment Institutions under Article 81 of the draft Capital requirements directive, assess their situation regarding competition and potential conflicts of interest; calls on the Commission to communicate its findings in this area to the European Parliament;
36. bere na vědomí zásadní význam reformy a zjednodušení účetních a auditorských standardů; zdůrazňuje potřebu etického a odpovědného jednání nejen v případě auditorů, ale též investičních bank, advokátních kanceláří a dalších, kdo působí jako poradci společností v oblasti finančního managementu a účetních praktik; doufá že bude dále rozpracován Akční plán řízení podniků; vítá slaďování národních kodexů řízení společností na základě zásady „dodržovat nebo vysvětlit“; vítá založení Evropského fóra pro řízení společností;
Notes the crucial importance of reforming and streamlining accounting and auditing standards; emphasises the need for ethical and responsible behaviour not only of auditors but also of investment banks, law firms and others involved in advising companies on financial management and accounting practices; looks forward to the Action Plan for Corporate Governance being developed further; welcomes the convergence of national codes of corporate governance based on the "comply or explain" principle; welcomes the establishment of the European Corporate Governance Forum;
39. bere na vědomí, že vývoj Internetu a elektronického bankovnictví může zvýšit poptávku po přeshraničních finančních produktech; požaduje, aby Komise hodnotila provádění a účinnost Směrnice o uvádění dálkových finančních služeb na trh
39.Notes that the development of Internet and e-banking may increase the demand for cross-border financial products; asks the Commission to assess the implementation and effectiveness of the Financial Services Distance Marketing Directive
40. uznává, že předluženost zákazníků může způsobit velkou tíseň a lidské utrpení; důrazně žádá, aby Komise prověřila s odvětvím způsoby pro zlepšení dostupnosti osobních údajů pro přiměřené poskytování půjček zákazníkům v souladu se směrnicí o ochraně údajů
40.Recognises that consumer overindebtedness can cause great distress and human suffering; urges the Commission to examine with industry ways to improve the availability of personal data for responsible consumer lending, consistent with the Data Protection Directive
on the Post-Financial Services Action Plan
on the Post-Financial Services Action Plan
On 11 May 1999, the Commission adopted the FSAP containing a set of political objectives and specific measures aimed at creating an adequate framework for a single European financial services market.
On 11 May 1999, the Commission adopted the FSAP containing a set of political objectives and specific measures aimed at creating an adequate framework for a single European financial services market.
Essentially, action was envisaged under three strategic objectives: a single EU wholesale market, an open and secure retail market, and "state of the art" prudential rules and supervision.
Essentially, action was envisaged under three strategic objectives: a single EU wholesale market, an open and secure retail market, and "state of the art" prudential rules and supervision.
At the Lisbon European Council in March 2000, and at the Stockholm European Council in March 2001, the European Heads of State or Government called for full implementation of the Action Plan by 2005.
At the Lisbon European Council in March 2000, and at the Stockholm European Council in March 2001, the European Heads of State or Government called for full implementation of the Action Plan by 2005.
A Committee of Wise Men on the Regulation of European Securities Markets was set up by the Council (Ecofin) in July 2000.
A Committee of Wise Men on the Regulation of European Securities Markets was set up by the Council (Ecofin) in July 2000.
This committee suggested in its final report of February 2001 a four-level regulatory approach with the creation of two committees: ESC and CESR.
This committee suggested in its final report of February 2001 a four-level regulatory approach with the creation of two committees: ESC and CESR.
A significant legislative programme - the FSAP - was essentially completed by the end of the last Parliamentary term.
A significant legislative programme - the FSAP - was essentially completed by the end of the last Parliamentary term.
In October 2003 the Commission launched the first step of the FSAP review process with the creation of four expert groups on the banking, insurance, securities and asset management sectors.
In October 2003 the Commission launched the first step of the FSAP review process with the creation of four expert groups on the banking, insurance, securities and asset management sectors.
These reports were published in May 2004 and discussed during the Egmont conference organised by the Commission in June 2004.
These reports were published in May 2004 and discussed during the Egmont conference organised by the Commission in June 2004.
A synthesis of the responses should be published and the Commission services will submit their assessment on these issues for consideration by the new College of Commissioners early in its mandate.
A synthesis of the responses should be published and the Commission services will submit their assessment on these issues for consideration by the new College of Commissioners early in its mandate.
It is then expected that the Commission will come forward with a new set of proposals in the area of financial services in early spring 2005.
It is then expected that the Commission will come forward with a new set of proposals in the area of financial services in early spring 2005.
The FSAP has been a success insofar as the 2004 deadline has been broadly met.
The FSAP has been a success insofar as the 2004 deadline has been broadly met.
39 measures have been adopted including several measures not initially planned by the FSAP.
39 measures have been adopted including several measures not initially planned by the FSAP.
The creation of a true Single market in financial services through completion of the FSAP should increase competitiveness of the European economy, boost investment and growth and improve security and stability.
The creation of a true Single market in financial services through completion of the FSAP should increase competitiveness of the European economy, boost investment and growth and improve security and stability.
Transparency and protection for all parties involved should also be improved by the FSAP measures, both with respect to financial institutions, issuers (corporate governance) and their intermediaries.
Transparency and protection for all parties involved should also be improved by the FSAP measures, both with respect to financial institutions, issuers (corporate governance) and their intermediaries.
Financial system stability and decent protection of (private) end-users remain the main reason for public intervention.
Financial system stability and decent protection of (private) end-users remain the main reason for public intervention.
The success of the FSAP can be attributed to shared political will and the existence of an agreed roadmap of concrete measures.
The success of the FSAP can be attributed to shared political will and the existence of an agreed roadmap of concrete measures.
This was a powerful recipe for success at least in terms of delivering legislation.
This was a powerful recipe for success at least in terms of delivering legislation.
It is worth noting that despite the turmoil in financial markets and the downside trend in stock markets over the last four years; the parties involved remain firmly committed to maintaining an ambitious program.
It is worth noting that despite the turmoil in financial markets and the downside trend in stock markets over the last four years; the parties involved remain firmly committed to maintaining an ambitious program.
The Euro considerably eased financial integration: it put exchange risk in European cross-boarder transactions to an end and helped the Monetary Union to fully benefit from the effects of financial markets liberalisation at the international level.
The Euro considerably eased financial integration: it put exchange risk in European cross-boarder transactions to an end and helped the Monetary Union to fully benefit from the effects of financial markets liberalisation at the international level.
However it is too early to pass a definitive judgement on the FSAP to the extent that many implementing measures have not been adopted yet by the end of 2004 and many transposition deadlines into national laws have not been yet reached (the "first deadline" was 16 October 2004 for the Market Abuse and Insider Dealing Directive).
However it is too early to pass a definitive judgement on the FSAP to the extent that many implementing measures have not been adopted yet by the end of 2004 and many transposition deadlines into national laws have not been yet reached (the "first deadline" was 16 October 2004 for the Market Abuse and Insider Dealing Directive).
The implementation of these measures will in any case have a considerable impact for European financial markets in the years to come.
The implementation of these measures will in any case have a considerable impact for European financial markets in the years to come.
The FSAP was assigned demanding objectives: definition of general principles for the functioning of markets and promotion of financial services in Europe as well as improvement of the prudential framework.
The FSAP was assigned demanding objectives: definition of general principles for the functioning of markets and promotion of financial services in Europe as well as improvement of the prudential framework.
In that respect, it would be difficult to mention all adopted measures in the context of the FSAP; however some texts are to change significantly the financial services landscape in Europe:
In that respect, it would be difficult to mention all adopted measures in the context of the FSAP; however some texts are to change significantly the financial services landscape in Europe:
· the Directive on Prospectus, adopted in July 2003, whose purpose was to improve information provided to investors by companies seeking to raise capital in the markets;
· the Directive on Prospectus, adopted in July 2003, whose purpose was to improve information provided to investors by companies seeking to raise capital in the markets;
· the Directive on Investment Services (MiFID), adopted in April 2004, which aimed both to protect investors and help investment companies to operate at the European level;
· the Directive on Investment Services (MiFID), adopted in April 2004, which aimed both to protect investors and help investment companies to operate at the European level;
· the Directive on Transparency, agreed in April 2004 whose objective is to define information requirements for issuers of securities admitted on a regulated market;
· the Directive on Transparency, agreed in April 2004 whose objective is to define information requirements for issuers of securities admitted on a regulated market;
· the Directive on Market Abuse adopted in December 2002, in order to limit the possibilities of market manipulation.
· the Directive on Market Abuse adopted in December 2002, in order to limit the possibilities of market manipulation.
In view of the potential review of the UCITS directives, it is also important to note that the EP initiative report on the future of hedge funds and derivatives adopted in 2004 stresses the need to introduce legislation in order to make lending by EU financial institutions to offshore hedge funds more transparent, as well as the need to develop a light handed and appropriate EU-wide regulatory regime for hedge funds in order to attract them to the EU and provide benefits of a common European passport through mutual recognition.
In view of the potential review of the UCITS directives, it is also important to note that the EP initiative report on the future of hedge funds and derivatives adopted in 2004 stresses the need to introduce legislation in order to make lending by EU financial institutions to offshore hedge funds more transparent, as well as the need to develop a light handed and appropriate EU-wide regulatory regime for hedge funds in order to attract them to the EU and provide benefits of a common European passport through mutual recognition.
EU conform implementation in all 25 Member States is crucial for the success of the FSAP and necessary for a successful integration of the European Markets.
EU conform implementation in all 25 Member States is crucial for the success of the FSAP and necessary for a successful integration of the European Markets.
However, a Single market does not automatically mean a uniform and fully harmonised market but does require freedom of establishment for companies, a level playing field, appropriate protection and information for consumers, and transparency for market participants.
However, a Single market does not automatically mean a uniform and fully harmonised market but does require freedom of establishment for companies, a level playing field, appropriate protection and information for consumers, and transparency for market participants.
In addition, Post FSAP supervision and enforcement of the FSAP regulation are as important as it is to ensure convergence and EU conformity in implementation and application of national FSAP regulations.
In addition, Post FSAP supervision and enforcement of the FSAP regulation are as important as it is to ensure convergence and EU conformity in implementation and application of national FSAP regulations.
Many market participants have requested a "regulatory pause" to absorb properly the current FSAP.
Many market participants have requested a "regulatory pause" to absorb properly the current FSAP.
The quality of the legislation is paramount, particularly given that the Lamfalussy process is designed to allow a faster regulatory reaction at level 2, in the framework of agreed level-1 principles.
The quality of the legislation is paramount, particularly given that the Lamfalussy process is designed to allow a faster regulatory reaction at level 2, in the framework of agreed level-1 principles.
Therefore, the Commission should systematically make an extended impact assessment of its draft legislation (including the competitiveness aspects) and be clear in any proposal about the objectives that the legislation is intended to meet.
Therefore, the Commission should systematically make an extended impact assessment of its draft legislation (including the competitiveness aspects) and be clear in any proposal about the objectives that the legislation is intended to meet.
On numerous occasions the European Parliament has also underlined the overriding importance of transparency and involvement of stakeholders and market participants at all levels of law-making process.
On numerous occasions the European Parliament has also underlined the overriding importance of transparency and involvement of stakeholders and market participants at all levels of law-making process.
Therefore the Commission's extensive consultation practices in the area of financial services contribute actively to the quality of its proposals and serve as a good example for other policy areas.
Therefore the Commission's extensive consultation practices in the area of financial services contribute actively to the quality of its proposals and serve as a good example for other policy areas.
The European Parliament has welcomed the improved transparency between European institutions, and the ECON committee took an active role in hearing and communicating with the Commission, the Council presidencies and the European level 3 regulatory and supervisory committees, notably the CESR, and has welcomed the input from market parties and from experts.
The European Parliament has welcomed the improved transparency between European institutions, and the ECON committee took an active role in hearing and communicating with the Commission, the Council presidencies and the European level 3 regulatory and supervisory committees, notably the CESR, and has welcomed the input from market parties and from experts.
In May 2002, the ECON Committee launched an advisory panel of financial services experts, composed of ten independent experts in financial markets, financial services law and financial services regulation to advise MEPs on upcoming proposals for Directives and Commission's consultation documents.
In May 2002, the ECON Committee launched an advisory panel of financial services experts, composed of ten independent experts in financial markets, financial services law and financial services regulation to advise MEPs on upcoming proposals for Directives and Commission's consultation documents.
The so-called Lamfalussy procedure has been endorsed by the European Parliament under the condition that ratification of the proposed Treaty changes should provide the European Parliament with a call-back right with regard to delegated legislative measures to be regulated at level 2, as has already been granted to the Council.
The so-called Lamfalussy procedure has been endorsed by the European Parliament under the condition that ratification of the proposed Treaty changes should provide the European Parliament with a call-back right with regard to delegated legislative measures to be regulated at level 2, as has already been granted to the Council.
This call back right is a precondition for equal treatment of the co-legislators and was a reason behind the sunset clauses in different Directives.
This call back right is a precondition for equal treatment of the co-legislators and was a reason behind the sunset clauses in different Directives.
It is also a condition sine-qua-non for extension of the Lamfalussy procedure to other sectors.
It is also a condition sine-qua-non for extension of the Lamfalussy procedure to other sectors.
The EP will take due account of the assessment of the Inter Institutional Monitoring Group
The EP will take due account of the assessment of the Inter Institutional Monitoring Group
Inter-Institutional Monitoring Group, Third Report Monitoring the Lamfalussy Process, 17 November 2004. that regularly monitors the current process.
Inter-Institutional Monitoring Group, Third Report Monitoring the Lamfalussy Process, 17 November 2004. that regularly monitors the current process.
Supervision and enforcement play a crucial role in the Lamfalussy approach.
Supervision and enforcement play a crucial role in the Lamfalussy approach.
Mutual recognition and transfer of responsibilities to home country or “lead” supervisors is only feasible and acceptable when convergence of supervisory and enforcement practices is further developed.
Mutual recognition and transfer of responsibilities to home country or “lead” supervisors is only feasible and acceptable when convergence of supervisory and enforcement practices is further developed.
In its November 2002 resolution based on the VAN DEN BURG report on prudential supervision in the ECON committee the European Parliament promoted a step-by-step approach and suggested many practical measures to reinforce cooperation and mutual trust between supervisors.
In its November 2002 resolution based on the VAN DEN BURG report on prudential supervision in the ECON committee the European Parliament promoted a step-by-step approach and suggested many practical measures to reinforce cooperation and mutual trust between supervisors.
At the same time it urged for vigilance and a forward looking approach to achieve effective and efficient European level supervision particularly where major systemic risks and major cross-border financial services market players are involved.
At the same time it urged for vigilance and a forward looking approach to achieve effective and efficient European level supervision particularly where major systemic risks and major cross-border financial services market players are involved.
The following table shows an overview of the currently active level 2 and level 3 committees:
The following table shows an overview of the currently active level 2 and level 3 committees:
Insurance and Occupational Pensions
Insurance and Occupational Pensions
Securities (including UCITS)
Securities (including UCITS)
Regulatory committee
Regulatory committee
(comitology + acting as advisory bodies)
(comitology + acting as advisory bodies)
European Banking Committee (EBC)
European Banking Committee (EBC)
European Insurance and Operational Pensions Committee (EIOPC)
European Insurance and Operational Pensions Committee (EIOPC)
European Securities Committee (ESC)
European Securities Committee (ESC)
Committee of Supervisors
Committee of Supervisors
(independent advisory bodies established as part of Lamfalussy)
(independent advisory bodies established as part of Lamfalussy)
Committee of European Banking Supervisors (CEBS)
Committee of European Banking Supervisors (CEBS)
Committee of European Insurance and Occupational Pension Supervisors (CEIOPS)
Committee of European Insurance and Occupational Pension Supervisors (CEIOPS)
Committee of European Securities Regulators (CESR)
Committee of European Securities Regulators (CESR)
Key themes in the next phase:
Key themes in the next phase:
· ensuring that the Lamfalussy process works well at all 4 levels, with a particular emphasis on supervision and enforcement;
· ensuring that the Lamfalussy process works well at all 4 levels, with a particular emphasis on supervision and enforcement;
· considering the arguments and the best means for delivering revised or new legislation;
· considering the arguments and the best means for delivering revised or new legislation;
· to find a way out for the barriers and elaborate possible options for a greater retail financial services integration.
· to find a way out for the barriers and elaborate possible options for a greater retail financial services integration.
3L3 The Three Level 3 Committees: CESR, CEBS and CEIPOS
3L3 The Three Level 3 Committees: CESR, CEBS and CEIPOS
CEBS Committee of European Banking Supervisors
CEBS Committee of European Banking Supervisors
Established in 2003 as part of the Lamfalussy extension to banking and insurance.
Established in 2003 as part of the Lamfalussy extension to banking and insurance.
It is comprised of representatives of national banking supervisory authorities and central banks.
It is comprised of representatives of national banking supervisory authorities and central banks.
It advises the Commission on draft implementing measures in the field of banking activities and enhances supervisory co-operation and supervision convergence.
It advises the Commission on draft implementing measures in the field of banking activities and enhances supervisory co-operation and supervision convergence.
CEIOPS Committee of European Insurance and Occupational Pensions Supervisors
CEIOPS Committee of European Insurance and Occupational Pensions Supervisors
It is comprised of representatives from the national insurance and occupational pension supervisory authorities.
It is comprised of representatives from the national insurance and occupational pension supervisory authorities.