The Commission reform programme for 2009

Publié: 9 Mars 2009
Google translate: 

The European Commission outlines in its communication for the Spring European Council a number of initiatives within financial markets regulation to address the weaknesses that the financial crisis has made much too clear. The general aims of the initiatives are to re-establish confidence in the sector, ensure financial stability through prudent regulation and supervision, and to harmonise and streamline regulation across the EU.

A lot of these initiatives are very important and of high interest to UNI-Europa Finance and its affiliates. To mention a few of the more important, initiatives will be launched on:

· Reform of the European financial supervision structures

· New recommendations on remuneration in the finance sector

· Hearing and subsequently measures proposed on responsible lending

An exhausting list of the initiatives previewed is outlined below.

See also related articles including also the Commission communication and the de Larosière report.

The Commission reform programme:

  • Hedge funds and private equity
 21 April 2009
  • Strengthening of the 2004 Recommendation on remuneration of directors
 21 April 2009
  • A new Recommendation on remuneration in the financial services sector
 21 April 2009
  • A Communication on retail investment products to strengthen the effectiveness of marketing safeguards
 21 April 2009
  • European financial supervision package
 27 May 2009
  • Tools for early intervention (white paper)
 June 2009
  • Appropriate initiaives to increase transparency and ensure financial stability on the basis of a report on derivatives and other complex structured products
 Report in June 2009
  • Revision of Capital Requirements Directive
  • Legislative proposals to increase the quality and quantity of prudential capital for trading book activities and tackle complex securitisation
 June 2009

  • Proposals to ensure that the full benefits of a Single Euro Payments Area are realised
 Mid-2009
  • Public hearing on responsible lending and borrowing
 July 2009
  • Revision of the Capital equirements Directive



The Commission intend to provide that supervisory authorities may impose capital ‘sanctions’ on financial institutions whose remuneration policy is found to generate unacceptable risk

 Autumn 2009

  • Proposal on measures supplementary to risk-based requirements in the CRD.
 Autumn 2009
  • Legislative proposals to address liquidity risk and excessive leverage
 Autumn 2009
  • Further measures to reinforce bank depositor, investor and insurance policy holder protection
 Autumn 2009
  • Measures on responsible lending and borrowing
 Autumn 2009
  • Legislative proposals to include remuneration schmes within the scope of prudential oversight
 Autumn 2009
  • Review the Market Abuse Directive
 Autumn 2009
  • Make proposals on how sanctions could be strengthened in a harmonised manner and better enforced
 Autumn 2009
  • A rolling programme of actions to establish a far more consistent set of supervisory rules
 To be launched in 2009
  • Report on "excessive" pro-cyclicality in the CRD
 End 2009
  • Reiew of the adequacy of existing deposit guarantee schemes in banking, securities and insurance and make appropriate legislative proposals
 End 2009
  • Report on best practice on ways to ensure that foreclosure procedures are avoided wherever possible, to prevent citizens from losing their homes. A report setting out best practices in this area will be pubished by the end of this year
 End 2009

  • Report on current practices application on corporate governance for banks cf. the Basel Committee recommendations
 End 2009
  • Proposal to provide direct funding to facilitate the capacity-building of investor stakeholders to represent their interests in financial services policies at EU level, through training, research and information.
 End 2009