A3-0353/93

Resolution on financial stability and regulation of EC markets

The European Parliament,

-having regard to the motions for resolutions by:

(a)Mr Elliott and others on the closure of BCCI (B3-1648/91),

(b)Mr Robles Piquer on Community encouragement of venture capital companies (B3-1076/92),

-having regard to the report of the Committee on Legal Affairs and Citizens' Rights and the opinion of the Committee on Economic and Monetary Affairs and Industrial Policy (A3-0353/93),

A.in recognition of the need to achieve the implementation of a single market in the financial services sector that is competitive, resilient, responsive to the challenges of globalization, and safe for investors and depositors,

1.Recommends that the Commission pursue a policy to encourage as far as possible, respecting the principle of subsidiarity, the harmonization of divergent property, contract, bank liquidation and tax laws among the Member States;

2.Recommends that the Commission monitor the interpretation of uncertain standards in EC financial legislation, such as the scope of the "general good" exception and "fit and proper" criteria in the Second Banking directive;

3.Asks the Commission to work to eliminate the use by Member States of divergent national laws and regulations to impede the cross-border provision of financial services;

4.Recommends that the Commission promote a competition policy for the financial and banking sectors;

5.Encourages the use of bilateral cooperative arrangements between Member State supervisory authorities;

6.Asks the Commission to propose a new framework for the cooperative supervision of financial conglomerates;

7.Supports the Commission's proposal to create a duty of bank auditors to report the detection of detrimental activity to supervisory authorities;

8.Calls on the Commission to reactivate its proposal concerning the reorganization and winding-up of credit institutions;

9.Advocates reductions in structural and legal barriers to trade in banking and financial services, such as interstate branching restrictions and the separation between the banking, insurance and securities businesses;

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