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EU Parliament Seeks to Light Fire Under Council and Commission

On 11 June 2013, the EU Parliament’s Economic and Monetary Affairs Committee (ECON) published a motion for a resolution concerning the lack of progress in the EU Council and the European Commission in adopting certain financial services proposals.  The resolution calls on the Council and the Commission to take all necessary actions to resolve delays with respect to a number of initiatives, including:

  • the draft regulation establishing a Single Resolution Mechanism;
  • the follow-up to the recommendations of the Liikanen High-Level Expert Group on bank structural reform;
  • the Deposit Guarantee Schemes Directive;
  • the Central Securities Depositories Regulation;
  • MiFID II;
  • the Recovery and Resolution Directive; and
  • the recovery and resolution framework for financial institutions other than banks.

The Parliament indicates its intention to complete first readings on all pending proposals before spring 2014 and, according to the procedural file, will vote on the resolution on 13 June 2013.

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