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European Financial Services Proposals

Part of Oral Answers to Questions — Foreign and Commonwealth Office – in the House of Commons at 6:37 pm on 1st December 2009.

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Question accordingly agreed to.

Resolved,

That this House takes note of the following European Union Documents-

(a) 13645/09, Proposal for a Council Decision entrusting the European Central Bank with concerning the functioning of the European Systemic Risk Board;

(b) 13648/09, Proposal for a regulation of the European Parliament and the Council on Community macro prudential oversight of the financial system and establishing a European Systemic Risk Board;

(c) 13652/09, Proposal for a Regulation of the European Parliament and of the Council establishing a European Banking Authority;

(d) 13653/09, Proposal for a Regulation of the European Parliament and of the Council establishing a European Insurance and Occupational Pensions Authority;

(e) 13654/09, Proposal for a Regulation of the European Parliament and of the Council establishing a European Securities and Markets Authority;

(f) 13656/09, Commission Staff Working Document-Possible amendments to Financial Services legislation-accompanying document to-

(i) 13652/09

(ii) 13653/09

(iii) 13654/09;

(g) 13657/09, Commission Staff Working Document-Impact Assessment-accompanying document to-

(i) 13645/09

(ii) 13648/09

(iii) 13652/09

(iv) 13653/09

(v) 13654/09;

(h) 13658/09, Commission Staff Working Document-Summary of the Impact Assessment; and

(i) 15093/09, Proposal for a Directive of the European Parliament and of the Council amending Directives 1998/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority;

and endorses the Government's approach to setting up a new financial supervisory structure in the EU.

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