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 Full text 
Monday, 15 April 2019 - Strasbourg Revised edition

Prudential supervision of investment firms (Directive) - Prudential requirements of investment firms (Regulation) (debate)

  Valdis Dombrovskis, Vice-President of the Commission. – Madam President, first of all I would like to thank the rapporteur, Mr Ferber, for his work. The review of the prudential framework for investment firms is an important part of the capital markets union (CMU) and banking union. It will set out a more proportionate prudential rule book for the vast majority of Europe’s small- and medium-sized investment firms. It should thus help these firms support the flow of investment in the Union and promote deeper and more integrated capital markets.

The revised framework will also ensure that systemic firms remain subject to the existing prudential rule book alongside banks. Amongst these, the largest will come under the supervision of the single supervisory mechanism for their operations in the Member States that are part of the banking union. This will help ensure a level playing field in regulatory and supervisory conditions.

Finally, some changes are introduced in how third-country investment firms can provide services to EU clients under the framework of equivalence set out in the Markets in Financial Instruments Regulation and Directive. These changes keep EU markets open to third-country firms while ensuring adequate transparency and safeguards for third-country operators offering key investment services on a significant scale and who also significantly enhance the role of ESMA in monitoring the activities of third-country firms in the Union.

I wish to thank Parliament, and in particular the rapporteur, Mr Ferber, for reaching this outcome. The support demonstrated by Parliament – not only by the rapporteur but also shadow rapporteurs – has been vital throughout the legislative process. I’m happy to say that the objectives and level of ambition of the Commission’s proposals are largely being achieved, thanks to the efficient and decisive approach adopted by Parliament.

The Commission will now work on implementation of the revised rule book for investment firms at a similar pace, and I want to ensure that the benefits of the functioning of the capital markets are delivered in full and on time.

Last updated: 8 July 2019Legal notice