The European Parliament endorsed the Commission’s proposals on the single market in financial services on Tuesday 5 February. By adopting the own-initiative report by rapporteur Karl von Wogau (EPP/ED Germany), MEPs secured the right of the Parliament to be informed and consulted on the implementation of legislation on financial securities.
The European Parliament has been concerned about the delegation of power to the ESC. In the adopted resolution, the Parliament and the Commission agreed, amongst other, on the following issues to guarantee the democratic supervisory role of the Parliament when “fast track” procedures are used to produce legislation on financial services.
- ‘equivalent treatment’ of both the Council and Parliament with regard to implementing measures;
- a so-called “sunset clause” foreseeing, if necessary, a revision of the Commission’s delegated powers after a period of four years;
- a three month review period during which MEPs will be able to examine secondary legislative measures;
- full transparency and wide consultation of the Parliament on draft measures.