Green light from Parliament for financial watchdog chiefs

MEPs on Thursday withdrew their reservations regarding the nomination of the three candidates to head the newly established EU financial services watchdogs after having favourably assessed the written commitments received from the Commission and the Hungarian Presidency on guarantees regarding transparency, independence of staff selection procedures and budgets.

Following Wednesday's plenary debate, which saw the Council roundly criticised by many EP political groups, a written commitment was sent to MEPs that the Council was fully supportive of the Commission's declaration, which had itself already been deemed acceptable by MEPs.

• Steven J. Maijoor, of the Netherlands, received 530 votes to head the Securities and Markets Authority;

• Gabriel Bernardino, of Portugal, received 434 votes to head the Insurance and Occupational Pensions Authority;

• Andrea Enria, of Italy, received 530 votes to head the Banking Authority.

Taking the floor ahead of the votes, Sharon Bowles (ALDE, UK), chair of the Economic and Monetary Affairs Committee, explained that the votes needed to go ahead for the sake of transparency, which was itself one of the issues which MEPs of her committee had considered lacking in the selection of the proposed chairmen.  She also said:

"Parliament sought and managed to obtain reassurance in four areas:

Independence of the authorities: Both Commission and the Presidency reaffirmed respect for the provisions of independence of the authorities, their chairs, executives and board members.

Board representation: The Commission is being vigilant concerning the designation of the heads of supervisory authorities to the boards of supervisors, as required in the regulation, and the Presidency supported the Commission's statement. 

Adequate budgetary resources:  The Commission recognises the need to provide adequate budgetary and human resources to the authorities, with which the Presidency have agreed and stated the importance of fulfilment by Member States of their obligations.

Appointment procedure: We are bound by the regulations in ways that all sides realise is inappropriate, such as the retirement age criteria projected forward to the end of the term of office. This will be addressed in the review with which both Commission and Presidency agree.

The committee continues to insist on a role in the short listing procedure."