Sélecteur de langues
Brussels, 13th September 2001
Commission to host open hearing on Investment Services Directive
On September 18th and 19th the European Commission will host an open hearing in Brussels that will bring together a wide range of financial market practitioners and experts to consider the recently-published orientations (see IP/01/1055) on possible modifications of the Investment Services Directive (93/22/EEC). The hearing will allow the Commission services to clarify their preliminary suggestions. It offers participants, including representatives from the European Parliament and securities commissions, an opportunity to air their views which will guide the Commission before it finalises a proposal to be submitted to the European Council and Parliament. This process of open consultation has been launched by the Commission further to the final report of the Lamfalussy Committee (published in February: see http://ec.europa.eu/internal_market/en/finances/general/lamfalussy.htm), which recommended that all new legislation in the securities field be preceded by an early, broad, and systematic consultation of all interested parties in the securities area.
The Investment Services Directive (ISD) is the cornerstone of the EU legislative framework for investment firms and "regulated markets". The Commission is seeking reactions from all interested parties on a detailed set of possible adjustments to the structure and content of the Directive. These preliminary suggestions for changes to the ISD were published by the Commission in July 2001 and are available on the Europa web-site: see below for details). The preliminary orientations contained in the consultation document are without prejudice to any future decisions by the Commission in finalising its proposals. The closing date for receipt of submissions is 30 October 2001. The open hearing has a double objective:
The hearing will commence with a series of statements on the strategic, systemic and institutional issues arising from the proposals by high level representatives from the European Parliament (Ms Christa Randzio-Plath, chair of the Economic and Monetary Affairs Committee), the financial community (Mr. Alan Yarrow, Vice-Chairman Dresdner, Kleinwort & Wasserstein), regulators and a noted academic commentator on EU financial markets legislation (Karel Lannoo, Centre for European Policy Studies).
Thereafter, the hearing will be structured in 4 workshops dealing with preliminary proposals in respect of:
The core regulatory concepts and building-blocks for a revised ISD
ISD provisions relating to investment firms
High-level principles for "regulated markets"
Access to and choice of clearing and settlement systems for recognised firms and markets.
It is hoped that exchanges will provide for constructive input and comment on:
Overview of preliminary orientations for modification of the ISD
The adjustments suggested by the Commission in its consultation document imply a revision and extension of the ISD so as to better achieve the original objectives of an effective single passport for investment firms and open trading infrastructures, and to respond fully to the developments currently underway in EU securities markets. The most notable adjustments provide for:
These proposals seek to build on the provisions of the existing ISD and are driven by the need to:
Description of consultation material
The following material is available on the web-site of the European Commission: http://ec.europa.eu/internal_market/en/finances/mobil/isd.htm:
Comments on this material are invited from all interested parties no later than 30th October 2001 and should be sent to:
Internal Market Directorate General
Securities and Organised Markets Unit F/3
Av. De Cortenbergh, 107
(fax:+32-2-295-40-62) or by e-mail to: markt-ISD@ec.europa.eu
The hearing will be held at the Centre Borschette, Place Jourdan, Brussels. Journalists accredited with the Commission will be able to attend the hearing on production of their press card.