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European Financial Services Proposals

Part of Oral Answers to Questions — Foreign and Commonwealth Office – in the House of Commons at 4:22 pm on 1st December 2009.

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Photo of Sarah McCarthy-Fry Sarah McCarthy-Fry Parliamentary Secretary, HM Treasury 4:22 pm, 1st December 2009

I cannot answer that question. I do not want to mislead the hon. Gentleman. It is my understanding that if we can get that as a Council decision, that will be what happens, but I will get back to him with the precise legal basis for that.

The improved voting thresholds in the ESRB general board reflect a building consensus in Council that the voting mechanism for decisions taken by the ESRB's general board, as set out in the Commission's draft regulation, is not appropriate in all cases. Instead, there has been considerable support for voting by a two-thirds majority, rather than a simple majority, for adopting a recommendation and for agreeing to make a warning or recommendation public.

As I said, there are outstanding issues and questions, but this is a positive agenda for reform, which the Government-

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