Draft EU rules on key information small investors should be given before signing a contract were agreed by Parliament's negotiators and Council of Ministers representatives on Tuesday. Clear, comparable and complete information on investment products is to be provided in a mandatory, three-page A4 Key Information Document (KID). Parliament will put the agreed rules to a plenary vote in April.
Anyone legally residing in the EU should have the right to open a basic payment account, and this right should not be denied on grounds of nationality or place of residence, Parliament's negotiators and the Council representatives agreed on Thursday. Fees and rules for all payment accounts should be transparent and comparable and it should be easy to switch to another payment account that offers better terms, under the agreed new rules.
European Parliament negotiators on Thursday reached a deal with their member state counterparts on the single resolution mechanism to deal with failing banks. Many elements fell into place early in the morning after 16 hours of talks. The elements agreed will help to ensure that the system cannot become a hostage to political power games and can deliver swift and credible decisions.
Work on setting up the EU's bank supervisor and undertaking the planned asset quality review is "well on track", ECB bank supervisor chair Daniele Nouy told the Economic and Monetary Affairs Committee on Tuesday. Legislators on all sides now need to show willingness to compromise in order to agree on a mechanism for winding down banks that can deliver rapid and reliable decisions and mobilise credible and readily accessible funding, she added.
Below is a statement from the lead MEPs negotiating the bank single resolution mechanism legislation
The lead MEPs in charge for the second pillar of banking union, the single resolution mechanism, have begun preparing texts for Parliament’s April plenary vote. These texts will take on board concerns of some member states in a spirit of compromise, while at the same time maintaining a credible and fair system, able to reach the fundamental goals. The MEPs restate that they will not sign up to a system with serious and evident flaws.
Failing banks still need a “strong and swift” EU decision-making system, and the European Central Bank Supervisor alone should decide when they are in danger of becoming unviable, ECB President Mario Draghi told the Economic and Monetary Affairs Committee on Monday. The EU economy is now a “half full glass”, but it is “still too early to claim ‘mission accomplished’”, he added.
The EU/ECB/IMF "Troika" helped four EU countries out of the crisis and prevented it from getting worse. But flaws in the way the Troika worked hindered national "ownership" of economic reforms, and compromised transparency and accountability, says an Economic and Monetary Affairs Committee resolution passed on Monday.
The ultimate owners of companies and trusts would have to be listed in public registers in EU countries, under updated draft anti-money laundering rules approved by the Economic Affairs and the Justice and Home Affairs committees on Thursday. Casinos are included in the scope of the draft rules, but decisions to exclude other gambling services posing a low risk are left to member states.
Rules governing online payments by electronic transfer need an EU-wide update to improve security, reduce processing fees and widen consumer choice, said Economic and Monetary Affairs Committee MEPs endorsing draft legislation to this end on Thursday. The new rules would also encourage competition to provide payment services and innovative payment methods.