Вы находитесь на странице: 1из 22

#/.4%.

43

*ANUARY 
%DITEURRESPONSABLE
 %DITORIAL
!NTHONY$EMPSEY
%UROPEAN#OMMISSION
 0UBLICHEARINGPREPARESGROUNDFORTHE
$')NTERNAL-ARKETAND3ERVICES
3INGLE-ARKETOFTHEST#ENTURY
5NIT! 
" "RUSSELS
 #ROSS BORDEREUROPAYMENTSNOWCHEAPER
4EL  
&AX  
 'REENLIGHTFORTHE3ERVICES$IRECTIVE
ACHALLENGINGROADLIESAHEAD
%DITOR
.IGEL'RIFFITHS
 0UBLICPROCUREMENTNEWGUIDELINESFORDEFENCE
4EL  
CONTRACTS
3UBSCRIPTIONS
!NITA(AASE
 30%#)!,&%!452%
$')NTERNAL-ARKETAND3ERVICES
)NTERNATIONALREGULATORYDIALOGUES
30!
4HEGROWINGNEEDTOTALK
" "RUSSELS
&AX 
 #OMMISSIONSETSOUTVISIONFORMODERNISING
% MAIL-ARKT SMN ECEUROPAEU
THE%5INVESTMENTFUNDS MARKET
WWWECEUROPAEUINTERNAL?MARKETSMNHTM
 7IDERSCOPEPROPOSEDFOR&INANCIAL#OLLATERAL
,AYOUT
$IRECTIVE
5NIT!
 #ONSULTATIONONREGULATIONOFNON %5AUDITFIRMS
/NLINE
HTTPECEUROPAEUINTERNAL?MARKETSMNHTM
 !UDITORSLIABILITY#OMMISSIONCONSULTSONPOSSIBLE
REFORMOFLIABILITYRULESINTHE%5
¥%UROPEAN#OMMUNITIES ;=
2EPRODUCTIONISAUTHORISEDPROVIDEDTHESOURCE
 4RADE-ARKFEES#
K OMMISSIONPROPOSESAUTOMATIC
ISACKNOWLEDGED
REVIEW
&ORFURTHERINFORMATION
HTTPECEUROPAEUINTERNAL?MARKETINDEX?ENHTM  )NFRINGEMENTS

9OUR%UROPE
HTTPECEUROPAEUYOUREUROPE

0HOTOGRAPHSFORTHISEDITION
WERESUPPLIEDBY
'RIFCO#OMMUNICATIONSAND
THE%UROPEAN#OMMISSION
%$)4/2)!,
4HISISAPARTICULARLYFASCINATINGANDCHALLENGINGTIMETOBETAKINGOVERAS
$IRECTOR 'ENERALOF$')NTERNAL-ARKET3ERVICES4HESHAPEOFFUTURE
3INGLE-ARKETPOLICYISUNDERTHESPOTLIGHTASNEVERBEFORE

)NDEEDTHEDEVELOPMENTOFTHE3INGLE-ARKETISWIDELYRECOGNISEDASONE
OF THE 5NIONS GREAT ACHIEVEMENTS )N PROMOTING THE FOUR FREEDOMS OF
MOVEMENT n FOR GOODS SERVICES PEOPLE AND CAPITAL n AN ESTIMATED 
MILLIONNEWJOBSHAVEBEENCREATEDSINCEANDMORETHANBILLION
EUROGENERATEDINEXTRAWEALTH4HEREMOVALOFNATIONALRESTRICTIONSHAS
ENABLEDMORETHANMILLION%UROPEANSTOGOTOANOTHER%5COUNTRYTO
WORKORSPENDTHEIRRETIREMENT

3INCETHEWORKOFEXTENDINGANDDEEPENINGTHE3INGLE-ARKETHAS
CONTINUEDANDAGREATDEALHASBEENACCOMPLISHED"UTWITHTHECOREELE
MENTSNOWINPLACE WHERESHOULDWEGONEXT

/VERTHEPASTYEARANEXTENSIVECONSULTATIONPROCESSHASBEENCONDUCTED
ON THIS WHICH CULMINATED IN A PUBLIC HEARING IN .OVEMBER7E HAVE RE
CEIVEDHIGHQUALITYINPUTFROMMANYQUARTERSBOTHFAVOURABLEANDCRITICAL
WHICHISHELPINGUSFOCUSFUTURESTRATEGY

)THASHELPEDGALVANISEOURTHINKINGABOUTTHEGUIDINGPRINCIPLESFORTHE3IN
GLE-ARKETINTHEST#ENTURYITSHOULDBETOTHEBENEFITOFCITIZENSAND
CONSUMERS CONTRIBUTETODEVELOPINGANINTEGRATEDANDKNOWLEDGE BASED
ECONOMY ANDLEADTOABETTER REGULATEDANDSUSTAINABLE%UROPE

)N ORDER TO REALISE THIS VISION OF A MORE MATURE 3INGLE -ARKET NEW AP
PROACHESARENEEDED WHICHWEWILLTRANSLATEINTOCONCRETEPROPOSALSFOR
ACTIONINAUTUMNTHISYEAR

s3INGLE-ARKETPOLICYSHOULDBEMOREIMPACT DRIVENANDRESULTS ORIENTED


THE %5 SHOULD ACT WHEN MARKETS DO NOT DELIVER AND WHERE IT WILL HAVE
MAXIMUMIMPACT

s4OBEMOSTEFFECTIVEITSHOULDEMPLOYAMOREDIVERSEANDFLEXIBLEMIXOF
INSTRUMENTS FINDINGTHERIGHTBALANCEBETWEENHARMONISATIONANDMUTUAL
RECOGNITIONOFRULES ANDOTHERTOOLSSUCHASSELF ANDCO REGULATION

s)TNEEDSTOBEMOREDECENTRALISEDANDNETWORK BASED"RUSSELSCANNOT
ANDSHOULDNOTDELIVERALONE4HISREQUIRESGREATERCOOPERATIONBETWEEN
NATIONALAND%5LEVELS

s)TMUSTBEMORERESPONSIVETOTHEGLOBALCONTEXTINORDERTOEXPLOIT
GLOBALISATIONTO%UROPESADVANTAGE ANDENABLEITSCOMPANIESTOCOMPETE
INTHEGLOBALMARKETPLACE

)LOOKFORWARDTOWORKINGWITHALLCONCERNEDINFURTHERDEVELOPINGTHE
3INGLE-ARKETTOTHEBENEFITOFALL

*ÚRGEN(OLMQUIST
$IRECTOR 'ENERAL
$')NTERNAL-ARKETAND3ERVICES
%UROPEAN#OMMISSION


3POTLIGHT

0UBLIC(EARINGPREPARESGROUND
FORTHE3INGLE-ARKETOFTHE
STCENTURY
4HE 0UBLIC (EARING IN "RUSSELS  .OVEMBER ON FUTURE 3INGLE
-ARKETPOLICYBROUGHTTOGETHERMORETHANPARTICIPANTSREP
RESENTINGSTRATEGICPLAYERSFROMALLSECTORSOFTHECOMMUNITYWHO
ENGAGED IN A CONSTRUCTIVE AND INFORMATIVE DEBATE ON THE GOOD
AND BAD POINTS OF 3INGLE -ARKET POLICY 7HILST RECOGNISING THE
CREATIONOFTHE3INGLE-ARKETASONEOFTHE%5gSGREATESTACHIEVE
MENTS PARTICIPANTSSAIDTHE#OMMISSIONCOULDDOBETTERINMANY
AREAS AND OFFERED MANY SUGGESTIONS FOR IMPROVING METHODS OF
CONSULTATION POLICYDEVELOPMENTANDIMPLEMENTATION

4 HE PUBLIC HEARING ON FUTURE 3INGLE


-ARKETPOLICYWASORGANISEDASPART
OF THE #OMMISSIONS REVIEW OF THE 3IN
4HE PANEL DISCUSSION AND THE INTERVEN "ETTERINVOLVEMENTINPOLICY MAKING
TIONSFROMTHEAUDIENCEREVEALEDTHATTHE
3INGLE-ARKETWASSOMETIMESSEENASIR R 4HE#OMMISSIONWASCALLEDUPONTOEN
GLE-ARKET4HEHEARINGWASAFOLLOW ON RELEVANTORAPPROACHEDWITHSUSPICION SURE BALANCE BETWEEN VARIOUS INTERESTS
FROM THE RECENT CONSULTATION ON FUTURE ONITSADVISORYGROUPS INPARTICULAR IN
3INGLE -ARKET POLICY AND FOCUSED ON 4HE #OMMISSION WAS CALLED UPON TO DUSTRYANDCONSUMERS)TWASALSOENCOUR R
THOSE ISSUES THAT HAVE ATTRACTED PARTIC PUTMORETHOUGHTINTODRAFTINGANDPRE AGED TO INCREASE THE LEVEL OF FUNDING TO
ULAR COMMENTS DEBATE AND CRITICISM IN PARING ITS CONSULTATIONS AND MAKE THEM CONSUMER ORGANISATIONS TO ENABLE THEM
STAKEHOLDERREPLIES MOREUSER FRIENDLY#ONSULTATIONSSHOULD TO PARTICIPATE MORE FULLY IN POLICY MAK
CONTAIN A ONE PAGE NON TECHNICAL INTRO ING$')NTERNAL-ARKETS7ORKING0ARTY
#ONSULTATION DUCTION EXPLAINING THE AIM OF THE CON OF&INANCIAL5SERSMADEUPOFNATIONAL
SULTATION AND SECTORS AFFECTED TO MAKE CONSUMERREPRESENTATIVESWASCITEDASA
4HE FIRST PANEL OF THE 0UBLIC (EARING IT EASIER FOR STAKEHOLDERS TO JUDGE THE GOODEXAMPLEOFBESTPRACTICE
WHICH WAS CHAIRED BY *ACQUELINE -INOR RELEVANCEOFTHECONSULTATION)TWASALSO
$IRECTORFOR(ORIZONTAL0OLICY$EVELOP SUGGESTED THAT THE #OMMISSION SHOULD %NGAGING3-%S
MENTIN$')NTERNAL-ARKETAND3ERVICES MAKE GREATER USE OF  MINUTE ONLINE
FOCUSED ON THE #OMMISSIONS CONSULTA CONSULTATIONS 4HEENGAGEMENTOFSMALLBUSINESS3-%S
TIONPOLICYANDONHOWTHE#OMMISSION IN POLICY MAKING WAS SAID TO BE LIMITED
COULD MORE EFFECTIVELY REACH OUT TO ALL !CCORDINGTOTRADEUNIONS THE#OMMIS BY DIFFICULTIES IN ACCESSING INFORMATION
3INGLE-ARKETSTAKEHOLDERS SIONSABILITYTOLISTENWASAMOREOFACAUSE 4HEBLAMEFORTHISWASPUTONTHEEX
FORCONCERNTHANITSABILITYTO ISTENCE OF A PLETHORA OF ENTRY POINTS AT
REACH OUT TO STAKEHOLDERS %5LEVELSUCHAS)0- %"40 9OUR%UROPE
)N PARTICULAR POST CONSULTA ETCANDATNATIONALLEVELWITH)NNOVATION
TION FEEDBACK WAS STRESSED 2ELAY#ENTRES %UROPEAN)NFORMATION/F F
ASVERYIMPORTANT4HE#OM FICESETC WHICHATWORSTLEDTOCONFUSION
MISSION SHOULD PUBLISH ALL ANDATBESTDIDNOTMAKETHOSENETWORKS
REPLIES PROVIDE ADEQUATE SUFFICIENTLYVISIBLE
FEEDBACK ON VIEWS RECEIVED
AND EXPLAIN TO STAKEHOLDERS 4HE ESTABLISHMENT OF A ONE STOP SHOP
WHYTHEIRCONCERNSWERENOT SYSTEMWASRECOMMENDEDSOTHATTHERE
TAKENINTOACCOUNT WOULD BE ONE PROFESSIONALLY ORGANISED
WELL FUNDED AND RECOGNISABLE POINT OF
ENTRYCONSOLIDATINGALLTHECURRENTLYAVAIL
ABLEWEBSITES

#ONSULTATION QUESTIONNAIRES WERE NOT


4HOUGHT PROVOKINGINPUTFOR#OMMISSIONER CONSIDERED TO BE THE BEST WAY TO CON
#HARLIE-C#REEVYANDACTING$IRECTOR 'ENERAL4HIERRY3TOLL TACT SMALL BUSINESSES )NSTEAD A MORE

. O   * A N U A R Y    


3POTLIGHT

ACTIVE AND DIRECT APPROACH WAS NECES -ARKET POLICY4HE RETAIL FINANCIAL
SARY &OR INSTANCE IT WAS SUGGESTED THAT SERVICESSECTORWASUSEDASACASE
AN 3-% ENVOY SHOULD BE ESTABLISHED IN STUDYTODISCUSSWHICHALTERNATIVE
EACH #OMMISSION DELEGATION IN -EM TOOLSHAVEALREADYBEENDEVELOPED
BER 3TATES TO TRANSLATE ALL 3INGLE -ARKET ANDWHETHERTHEYCOULDBEAPPLIED
RELATEDRULESINTOg3-%STERMSgANDTHAT INOTHERAREAS4HEDISCUSSIONALSO
MOREUSESHOULDBEMADEOFTHELINKSBE FOCUSED ON THE PERSPECTIVE OF
TWEENSMALLANDBIGBUSINESSESWHEREBY CONSUMERSASMAINUSERSOFRETAIL
THELATTERCOULDPLAYTHEROLEBETWEENTHE FINANCIALSERVICES
FORMERANDTHE%5INSTITUTIONS
4HE PANEL WHICH WAS CHAIRED BY
)NTERNALCONSULTATION )RMFRIED3CHWIMANN (EADOF5NIT
FOR&INANCIAL3ERVICESIN$'#OM
)TWASSUGGESTEDTHATACOMMONCONSUL PETITION PRESENTED DIFFERENT PER R
TATION PROCEDURE BE APPLIED REGARDLESS SPECTIVES ON THE TOOLS AVAILABLE
4HE0UBLIC(EARINGBROUGHTTOGETHERMORE
OFWHICH$IRECTORATE 'ENERALLAUNCHESA FOR IMPLEMENTING 3INGLE -ARKET
THANPARTICIPANTSREPRESENTINGSTRATEGIC
CONSULTATIONANDTHATTHESAMEDEADLINES POLICY
PLAYERSFROMALLSECTORS
BEGIVENTOSTAKEHOLDERSINALLCONSULTA
TIONS4HE#OMMISSIONWASALSOCALLEDON ,EGISLATIVEMEASURES .ON REGULATORYTOOLS
TO ENSURE BETTER COORDINATION BETWEEN
ITS$IRECTORATES 'ENERALANDTOENCOUR R 2EGULATORY EFFORT WAS STILL SEEN AS NEC !NALYSIS AND A CLEARER EVIDENCE BASE
AGE MUTUAL INVOLVEMENT IN THEIR RESPEC ESSARY TO ENCOURAGE SERVICES PROVIDERS ABOUTHOWRETAILFINANCIALMARKETSWORK
TIVESTAKEHOLDERCONSULTATIONS TOTAKERISKSONACROSS BORDERBASISAND WAS SEEN AS AN IMPORTANT MEANS TO BE
PERSUADECONSUMERSTOINVESTTHEIRSAV ABLETOCHOOSETHERIGHTTOOLSANDKEEP
)MPACT!SSESSMENTS INGS ABROAD BY PROVIDING THEM WITH AD PRESSUREONTHEMARKETS
EQUATE PROTECTION AND INFORMATION &OR
4HE#OMMISSIONWASCALLEDTOIMPROVE INSTANCE LEGISLATIVE MEASURES WERE THE %NFORCEMENT WAS SEEN AS CRUCIAL TO IN
AND MAKE BETTER USE OF IMPACT ASSESS PREFERRED APPROACH FOR PROVIDING BETTER CREASE CONSUMER CONFIDENCE THROUGH
MENTS 4HESE SHOULD VERIFY WHETHER A ACCESS FOR INTERMEDIARIES AND ENSURING OUT OF COURT AFFORDABLE SETTLEMENTS THE
SPECIFICPOLICYWASGOINGTOIMPROVECOM THEIR INDEPENDENCE AND LIABILITY AND FOR DEVELOPMENT OF NETWORKS EG &). NET
PETITION FOR CONSUMERS AND MAKE THEM HARMONISINGRULESONINVESTMENTPROTEC ORUNDER#0#2EGULATION ANDSELF REGU
NETBENEFICIARIES4HEYSHOULDALSOMORE TIONFORINVESTORSANDTHEADVERTISINGOF LATION
RIGOROUSLYASSESSTHEEFFECTON3-%SAND COMMERCIAL PRACTICES FOR FINANCIAL SERV
TAKE BETTER INTO ACCOUNT THE IMPACT ON ICES -ONITORINGOFTHEMARKETSWASALSOSAID
JOBSANDWORKERS TO HAVE AN ENFORCEMENT EFFECT AS HAS
!T THE SAME TIME IT WAS STRESSED THAT BEENSEENWITHTHEEXAMPLEOFTHEWORK
!LTERNATIVEPOLICYTOOLKIT LEGISLATION SHOULD BE FLEXIBLE ADHERE TO OF THE g&INANCIAL 3ECTOR -ONITORg WITHIN
"ETTER 2EGULATION PRINCIPLES AND UTILISE THE.ETHERLANDSg#OMPETITION!UTHORITY
4HESECONDPANELFOCUSEDONWHATTOOLS EFFICIENTANDSTRAIGHTFORWARDPROCEDURES 4HISMARKETMONITORINGSERVICEIDENTIFIED
APART FROM REGULATION THE #OMMISSION FORTHEBENEFITOFCONSUMERS BARRIERSTOCOMPETITION RESEARCHEDTHEIR
SHOULD USE IN SHAPING MODERN 3INGLE CAUSESANDPROVIDEDGUIDANCE ANDINTHIS
4HEREGULATORYPHASEINTHEFINANCIALSERV WAYINCREASEDAWARENESSABOUTTHENEED
ICESAREAWASSEENASASUC TOENFORCECOMPETITIONRULESANDSTIMU
CESSTHANKSTOTHE,AMFALUSSY LATECOMPLIANCEBYTHEINDUSTRY
PROCESSWHEREBYIMPLEMENT
ING MEASURES WERE ADOPTED 4O ENSURE A UNIFIED APPLICATION OF RULES
ACCORDING TO A TRANSPARENT ACROSSTHE%5 SUPERVISORYEFFORTISNECES
ANDFLEXIBLEPROCEDUREWHICH SARYTHROUGHACTIVECOOPERATIONBETWEEN
ENCOURAGEDTHEMAXIMUMIN THENATIONALAUTHORITIESCONCERNED)NTHE
PUTOFTECHNICALEXPERTISE AREA OF FINANCIAL SERVICES THIS IS ACCOM
PLISHED THROUGH SUPERVISORY BODIES FOR
SECURITIES #%32 INSURANCE AND OCCU
PATIONALPENSIONS#%)/03 ANDBANKING
#%"3 

. O   * A N U A R Y    

3POTLIGHT

!S THE 'UARDIAN OF THE ED THAT THE TRAINING OF NATIONAL JUDGES
4REATIES THE #OMMISSION BE STRENGTHENED AT -EMBER 3TATE LEVEL
WASCALLEDUPONTOACTIVELY 3/,6)4WASPRAISEDASAGOODNON LEGAL
TAKE UP ITS RESPONSIBILITIES TOOLFORPROBLEM SOLVINGBUTWASSAIDTO
FOR ENSURING THE APPLICA BE INSUFFICIENTLY PROMOTED AND UNDER
TIONOF%5LAW(OWEVER IT FUNDED
WASACKNOWLEDGEDTHATTHE
#OMMISSION CANNOT ALONE #OMMUNICATIONASTOPPRIORITY
BERESPONSIBLEFORENFORCE
MENTANDTHATITWASTIME 4HE FINAL PANEL UNDER THE CHAIRMANSHIP
4HERETAILFINANCIALSERVICESSECTORWASUSEDASACASESTUDY FOR-EMBER3TATESTOTAKE OF *OHN7YLES 3ENIOR 0ARTNER IN '0LUS
TODISCUSSWHICHTOOLSAPARTFROMREGULATIONCOULDBE ONAGREATERRESPONSIBILITY %UROPE TOOK AT LOOK AT HOW THE #OM
APPLIEDINOTHERAREAS FOR THE CORRECT APPLICA MISSIONS CURRENT INFORMATION AND COM
TIONOFTHERULESTHEYHAVE MUNICATION POLICY COULD BE IMPROVED
JOINTLYADOPTED 4HEDISCUSSIONINTHEPANELANDINTERVEN
-ORALPERSUASIONANDPRESSUREOFPOSSI TIONSFROMTHEAUDIENCESHOWEDTHATTHE
BLE FURTHER LEGISLATION WERE ALSO QUOTED 0REVENTINGANDSOLVINGPROBLEMS #OMMISSION FACES REAL COMMUNICATION
ASUSEFULPARTSOFTHETOOLKITTOENCOUR R CHALLENGESWHILSTREPORTINGONTHE3INGLE
AGE INDUSTRY TO MAKE PROGRESS THROUGH )T WAS SUGGESTED THAT 2EGULATIONS ARE -ARKET BECAUSEITINVOLVESSELLINGAHIGH
SELF REGULATION !S A GOOD EXAMPLE OF PREFERABLETO$IRECTIVESASA3INGLE-AR R LYTECHNICALTOPICTOTHENON SPECIALISED
THIS THECOOPERATIONBETWEENBANKSFOR KETLEGALTOOL GIVENTHATTHEYARENOTSUB MEDIA WHOSE BASIC AIM IS TO ENTERTAIN
MEETING3%0!REQUIREMENTSTHROUGHSELF JECTTOINTERPRETATIONANDLEAVELESSROOM THEIRPUBLIC!TTHEMOMENTITSEEMSTHAT
REGULATIONANDTHEWORKOFTHE%UROPEAN FORPOSSIBLECONFLICT)TWASRECOMMENDED h%UROPEISABADLYSOLDPRODUCTv
0AYMENT#OUNCILWERECITED THATAN)NTERNAL-ARKET4ASK&ORCE INITIAL
LYA$ANISHPROPOSAL BECREATEDINEACH 4HEPANELLISTSSTRESSEDTHATCOMMUNICA
&INALLY MANY SPEAKERS STRESSED THE IM -EMBER3TATE)TSMAINOBJECTIVEWOULD TIONSHOULDBESEENASANUMBERONEPRI
PORTANCEOFCOMMUNICATIONANDENSURING BETOSCREENEXISTINGNATIONALLEGISLATION ORITY4HE#OMMISSIONWASWARNEDTHAT
THAT INFORMATION ABOUT MAJOR INITIATIVES TO FIND OUT WHETHER ANY RULES CREATED THEOPPONENTSOFTHE3INGLE-ARKETWILL
EG3%0! REACHESCONSUMERSANDUSERS BARRIERSTOTRADEANDTOIDENTIFYTHENA NOTFIGHTFAIRANDWILLUSEPROPAGANDAAND
4HEPARTICIPATIONOFCONSUMERSINSHAP TUREANDFORCEOFTHOSEBARRIERS FALSEMYTHSANDTHEREFORE ITWASIMPOR R
ING THE MEASURES UNDER THE ,AMFALUSSY TANTTOBEREADYWITHAGOODCOMMUNICA
PROCESS WAS SEEN AS A WEAK POINT AND 3PEAKERS POINTED OUT THAT THERE WERE TION STRATEGY BACKED UP WITH NECESSARY
THE #OMMISSION WAS ASKED TO INCREASE STILL TOO MANY INFRINGEMENT PROCEEDINGS RESOURCES4HIS SHOULD INCLUDE PROVIDING
FUNDING TO STRENGTHEN CONSUMERS IN WHICHDEMONSTRATEDTHATPENALTIESWERE INFORMATIONPHRASEDINACLEARANDPOSI
VOLVEMENT INSUFFICIENTANDNOTADMINISTEREDQUICKLY TIVEWAYANDSENDINGACOHERENTMESSAGE
ENOUGH $' )NTERNAL -ARKET WAS CALLED FROM THE #OMMISSION 3OME SPEAKERS
%NFORCEMENTOFTHELAW ONTOBETTERPRIORITISEINFRINGEMENTSAND ALSOSTRESSEDTHATTHE#OMMISSION2EP
APPLY A FAST TRACK PROCEDURE TO THE PRI RESENTATIONS IN -EMBER 3TATES SHOULD
4HE FOCUS OF THE THIRD PANEL WAS THE ORITY ONES! SUGGESTION WAS ALSO MADE BE MORE INVOLVED IN BRINGING %UROPEAN
PROPERAPPLICATIONOF3INGLE-ARKETRULES THATTHELEVELOFFINESSHOULDCONTINUETO POLICYCLOSERTOTHEGENERALPUBLIC
AND WAYS OF PROVIDING EFFECTIVE REDRESS INCREASEUNTILTHENUMBEROFINFRINGEMENT
WHERE APPLICATION PROBLEMS AROSE4HE CASESDECREASEDSIGNIFICANTLY 4HERESULTSOFTHE0UBLIC(EARINGANDTHE
DISCUSSION WAS CHAIRED BY #LAUS $IETER CONSULTATION WILL FEED INTO A REPORT TO
%HLERMANN 7ILMER(ALE 4HEREWASAGREEMENTTHATTHE#OMMIS BEPUBLISHEDBYTHE#OMMISSIONONTHE
SIONNEEDEDTHECOOPERATIONOF-EMBER 3INGLE-ARKETFORTHESTCENTURYINTHE
4HEPANELLISTSAGREEDTHATTHE3INGLE-AR R 3TATESTOPREVENTgGOLDPLATINGgANDNEED COURSEOF
KETWASINDEEDAGREATACHIEVEMENTBUT EDCOOPERATIONOFTHENATIONALCOURTSTO
STRESSED THAT IT DID NOT YET FUNCTION AS IMPROVETHEIMPLEMENTATIONRECORD INFO
WELLONTHEGROUNDASITCOULD 4OM$IDERICH
)T WAS STRESSED THAT NATIONAL JUDGES 4%,  
&!8  
)TWASSTRESSEDTHATTHE3INGLE-ARKETLEG SHOULD COMPARE WHETHER NATIONAL LAW
-ARKT " ECEUROPAEU
ISLATIVEFRAMEWORKISMOSTLYINPLACEIN ISINCOMPLIANCEWITH%UROPEANLAWAND
PARTICULAR GIVENTHEFINALSTAGESOFADOP GIVE PRECEDENCE TO THE LATTER AND CITI
TIONOFTHE3ERVICE$IRECTIVE BUTTHATTHE ZENS SHOULD BE ABLE TO RELY ON NATIONAL
#OMMISSIONNEEDSTOENSUREACTIVEFOL JUDGESTOPROPERLYENFORCETHE%5LAW)N
LOW UPOFLEGISLATION NOTONLYTHROUGHITS THAT CONTEXT GOOD TRAINING WAS SEEN AS
TRANSPOSITIONINTOLAW BUTINPARTICULARITS VERY IMPORTANT AND IT WAS RECOMMEND
PROPERIMPLEMENTATION
INFO HTTPECEUROPAEUINTERNAL?MARKETSTRATEGYINDEX?ENHTMHEARING

. O   * A N U A R Y    


#ROSS BORDERBANKING

#ROSS BORDEREUROPAYMENTS
NOWSIGNIFICANTLYCHEAPER

#ONSUMERSARENOWPAYINGSIGNIlCANTLYLESSFORCROSS BORDER
TRANSFERSINEURO FOLLOWINGTHE%5S2EGULATION ACCORD
INGTOANEWREPORT!NDCHARGESFORDOMESTICTRANSFERS
WERENOTNEGATIVELYAFFECTED ASWASINITIALLYFEARED

4 HE #OMMISSION HAS UNDERTAKEN A


STUDYTOEVALUATEWHETHERANDHOW
THE%52EGULATIONONCROSS BORDEREURO
%VALUATIONOFEFFECTIVENESS 4O MAKE THE PAYMENT CONSUMERS NEED
ONLY TO PROVIDE THE )NTERNATIONAL "ANK
4HE REPORT IS THE FIRST STEP TOWARDS AN !CCOUNT .UMBER )"!. AND "ANK
PAYMENTS WHICH WAS ADOPTED IN  EVALUATIONOFTHEOVERALLEFFECTIVENESSOF )DENTIFIER#ODE")# OFTHEPERSONTHEY
HAS AFFECTED BANK CHARGES FOR NATIONAL THE2EGULATION WOULDBETRANSFERRINGTHEMONEYTO
PAYMENTS
)N LINE WITH THE #OMMISSIONS COMMIT 4HECEILINGFORPAYMENTSBENEFITINGFROM
4HEREPORTSHOWSTHATAEUROCROSS MENT TO BETTER REGULATION ANY FUTURE THISREGIMEWASSETAT EUROASOF
BORDER TRANSFER WHICH WOULD HAVE COST MODIFICATIONOFTHE2EGULATIONWOULDBE *ANUARY4HE2EGULATIONCOVERSPAY
ON AVERAGE  EURO BEFORE THE RULES DETERMINEDBYTHISFULLREVIEW ASWELLAS MENTCARDTRANSACTIONSANDWITHDRAWALS
WERE INTRODUCED NOW COSTS ON AVERAGE BYTHE0AYMENT3ERVICES$IRECTIVE WHICH FROMCASHMACHINESSINCE*ULYAND
JUSTEURO4HESTUDYFOUNDTHATTHE IS CURRENTLY BEFORE THE #OUNCIL AND %U CREDITTRANSFERSSINCE*ULY
RULESHAVEALSOPROVIDEDBANKSWITHANIN ROPEAN 0ARLIAMENT FOR ADOPTION AND IN
CENTIVETODEVELOPANDINVESTMOREINAN DUSTRY LEDINITIATIVESTOCREATETHE3INGLE h4HIS%5ACTIONHASBROUGHTREALBENEFITS
%5 WIDE PAYMENTS INFRASTRUCTURE WHICH %UROPEAN0AYMENTS!REA3%0!  TO CONSUMERS  STRESSED #OMMISSIONER
INTHELONGERTERMSHOULDHELPTOREDUCE FOR)NTERNAL-ARKETAND3ERVICES #HARLIE
COSTSFORALLCONSUMERS #ROSS BORDEREUROPAYMENTS -C#REEVY 4HE PRICE OF CROSS BORDER
PAYMENTS HAS REDUCED DRAMATICALLY IN
%VEN AFTER THE FULL INTRODUCTION OF THE MANY COUNTRIES BUT CONTRARY TO WHAT
EURO CROSS BORDEREUROPAYMENTSWERE HADBEENFEARED THEPRICEOFDOMESTIC
COSTINGCONSIDERABLYMORETHANANEQUIV PAYMENTSHASNOTGONEUP4HEBANKSRE
ALENT DOMESTIC PAYMENT 0AYMENT SYS ACTIONHASBEENVERYPOSITIVE HEADDED
TEMSWEREORGANISEDBYBANKSNATIONALLY 4HEY HAVE SET UP AN AMBITIOUS PROJECT
ANDTHEINFRASTRUCTURESFORCROSS BORDER TO CREATE A 3INGLE %URO 0AYMENTS!REA
PAYMENTSWEREINEFFICIENTANDSLOW 3%0! THATWILLTREATALLEUROPAYMENTS
ASTHOUGHTHEYWEREDOMESTIC"YUSING
)NORDERTOIMPROVETHISSITUATION THE%5 FULLYAUTOMATEDPAYMENTSYSTEMSTHATARE
INTRODUCEDRULESINTHEFORMOF2EGULA OFLOWERCOST THISPROJECTHASENORMOUS
TION GIVINGCONSUMERSAGUAR R POTENTIALTOBRINGABOUTHUGESAVINGSAND
ANTEETHATWHENTHEYMAKEAPAYMENTIN WEFULLYSUPPORTITv
EUROTOANACCOUNTINANOTHER-EMBER
3TATE ITWOULDCOSTTHESAMEASITWOULD
TO MAKE A PAYMENT WITHIN THEIR OWN
-EMBER3TATE
4OMAKEALOW COSTCROSS BORDERPAYMENTIN 4HEREPORTISAVAILABLEAT
EUROS CONSUMERSNEEDONLYTOPROVIDETHE
)NTERNATIONAL"ANK!CCOUNT.UMBER)"!. AND
"ANK)DENTIFIER#ODE")# OFTHERECIPIENT INFO HTTPECEUROPAEUINTERNAL?MARKETPAYMENTSCROSSBORDERINDEX?ENHTM

. O   * A N U A R Y    

3ERVICES

'REENLIGHTFORTHE3ERVICES
$IRECTIVE ACHALLENGINGROAD
LIESAHEAD
4HE 3ERVICES $IRECTIVE WHICH AIMS TO REMOVE OBSTACLES TO
PROVIDING CROSS BORDER SERVICES WAS ADOPTED IN $ECEMBER
BY THE %UROPEAN 0ARLIAMENT AND THE #OUNCIL 4HE FINAL TEXT
ADOPTEDBY0ARLIAMENTSETSOUTTOACHIEVEABALANCEBETWEEN
AFUNCTIONING)NTERNAL-ARKETFORSERVICESANDTHEPROTECTIONOF
GENERALINTERESTOBJECTIVES-EMBER3TATESHAVEAMAXIMUMOF
THREEYEARSTOIMPLEMENTTHEPROVISIONSOFTHE$IRECTIVEWHICH
SHOULDHAVEAHIGHLYBENEFICIALIMPACTONTHE%5ECONOMY

!
FTERALMOSTTHREEYEARSOFNEGOTIA 4HEMAINAIMOFTHE$IRECTIVE
TION THE3ERVICES$IRECTIVE
WAS ISTOACHIEVEAGENUINE)NTERNAL
FINALLYADOPTEDON$ECEMBER -ARKET IN SERVICES BY REMOV
BYTHE%UROPEAN0ARLIAMENTANDTHE ING LEGAL AND ADMINISTRATIVE
#OUNCIL4HENEGOTIATIONSHAVEBEENLONG BARRIERS TO THE DEVELOPMENT
ANDDIFFICULTAND ALTHOUGHSOMEOFTHEEL OF SERVICE ACTIVITIES AND THUS
EMENTSOFTHEINITIALPROPOSALNOTABLYIN FACILITATINGTHEFREEDOMOFESTABLISHMENT INCLUDINGOFFICEMAINTENANCE ADVERTISING
TERMS OF ITS SCOPE OF APPLICATION HAVE ANDTHEFREEDOMTOPROVIDECROSS BORDER RECRUITMENTSERVICESANDTHESERVICESOF
BEEN ABANDONED THE OUTCOME IS GENER R SERVICES )T WILL BE SUPPORTED BY LEGALLY COMMERCIALAGENTS
ALLY REGARDED AS WELL BALANCED WITH THE BINDING OBLIGATIONS FOR EFFECTIVE ADMIN
POTENTIALTOGENERATEREALADDEDVALUEFOR ISTRATIVECO OPERATIONBETWEEN-EMBER !LSOCOVEREDARESERVICESPROVIDEDBOTH
THE)NTERNAL-ARKETFORSERVICES 3TATES TOBUSINESSESANDTOCONSUMERSSUCHAS
LEGALORFISCALADVICE REALESTATESERVICES
"OOSTFOR%5ECONOMY %QUALLY THE$IRECTIVEAIMSATSTRENGTHEN SUCH AS ESTATE AGENCIES CONSTRUCTION
ING THE RIGHTS OF CONSUMERS AS USERS OF INCLUDING THE SERVICES OF ARCHITECTS DIS
4HE3ERVICES$IRECTIVEISONEOFTHEMOST SERVICES INTRODUCING A GENERAL NON DIS TRIBUTIVETRADES THEORGANISATIONOFTRADE
IMPORTANT %UROPEAN LEVEL CONTRIBUTIONS CRIMINATIONCLAUSEANDINFORMATIONRIGHTS FAIRS CARRENTALANDTRAVELAGENCIES
4HETEXTADOPTEDWILLPROVIDEREALADDED

%5-EMBER3TATESWILLNOLONGER VALUETOTHE)NTERNAL-ARKETINTERMSOF 4HE $IRECTIVE ALSO CATERS FOR SERVICES
CUTTING RED TAPE REMOVING BARRIERS AND PROVIDED TO CONSUMERS SUCH AS THOSE
BEABLETOINTRODUCEEXTRAREQUIRE IMPROVINGLEGALCERTAINTYFORBUSINESSAND IN THE FIELD OF TOURISM INCLUDING TOUR
MENTSFORFOREIGNBUSINESSESORSELF CONSUMERS "USINESS WILL BE ABLE TO SET GUIDES LEISURE SERVICES SPORTS CENTRES
UPANDTOOFFERSERVICESFREEFROMUNNEC ANDAMUSEMENTPARKSAND TOTHEEXTENT
EMPLOYEDSERVICEPROVIDERS SUCHAS ESSARY ADMINISTRATIVE BURDENS #USTOM THAT THEY ARE NOT EXPRESSLY EXCLUDED
COMPUTEREXPERTS ELECTRICIANSOR ERS WILL ENJOY MORE CHOICE AND GREATER FROM THE SCOPE OF APPLICATION OF THE
COMPETITION $IRECTIVE HOUSEHOLD SUPPORT SERVICES
CONSULTANTS SUCHASHELPFORTHEELDERLY4HOSEACTIVI
3COPEOFAPPLICATION TIESMAYINVOLVESERVICESREQUIRINGCLOSE
PROXIMITY OF PROVIDERS AND RECIPIENT
TOTHE,ISBON3TRATEGYANDTHUSANESSEN 4HE $IRECTIVE FOLLOWS A gHORIZONTALg AP SERVICESREQUIRINGTRAVELBYTHERECIPIENT
TIALELEMENTINTHE#OMMISSIONSEFFORTS PROACHANDCOVERSSERVICESPROVIDEDASAN ORTHEPROVIDER ANDSERVICESWHICHMAY
TOBOOSTTHE%UROPEANECONOMYANDUN ECONOMICACTIVITY ASDEFINEDBYTHE%URO BE PROVIDED AT A DISTANCE INCLUDING VIA
LEASHTHEPOTENTIALOFTHE)NTERNAL-ARKET PEAN#OURTOF*USTICE BOTHTOCONSUMERS THE)NTERNET
FOR SERVICES -OREOVER IT IS TO BE SEEN ANDORBUSINESSES)TCOVERSAWIDEVARIE
UNDERTHEFRAMEWORKOFTHEh"ETTER2EG TYOFACTIVITIESINCLUDINGBUSINESSSERVICES 4HE $IRECTIVE DOES NOT COVER FINANCIAL
ULATIONv STRATEGY IN PARTICULAR REGARDING SUCHASMANAGEMENTCONSULTANCY CERTIFI SERVICES TRANSPORT MATTERS COVERED BY
THEREDUCTIONOFADMINISTRATIVEBURDENS CATIONANDTESTING FACILITIESMANAGEMENT THE  TELECOMMUNICATIONS PACKAGE

. O   * A N U A R Y    


3ERVICES

GAMBLING AUDIOVISUAL SERVICES HEALTH &ACILITATINGTHEPROVISIONOF


SERVICES TEMPORARY WORK AGENCIES PRI SERVICESACROSSBORDERS
VATESECURITYSERVICES THESERVICESOFNO
TARIESANDBAILIFFSANDCERTAINSOCIALSERV -EMBER3TATESAREOBLIGEDTOEN
ICES.EEDLESSTOSAYTHATFORTHESECTORS SURE FREE ACCESS TO AND FREE EX
WHICH ARE EXCLUDED THE %#4REATY AND ERCISE OF A SERVICE ACTIVITY WITHIN
THE FUNDAMENTAL FREEDOMS IN PARTICULAR THEIR TERRITORY4HEY WILL BE ABLE
STILLAPPLY TO APPLY THEIR OWN REQUIREMENTS
TO INCOMING SERVICES ONLY TO THE
-ODERNISATIONOFAUTHORISATION EXTENT THAT THESE REQUIREMENTS
ANDLICENSINGREGIMES ARE NON DISCRIMINATORY AND PRO
PORTIONATE AND ONLY IF THEY ARE
4HE 3ERVICES $IRECTIVE REQUIRES -EM NECESSARY FOR REASONS RELATING TO PUBLIC OPERATEANDASSISTEACHOTHERTOENSURE
BER 3TATES TO UNDERTAKE A PROCESS OF POLICY @ORDRE PUBLIQUE PUBLIC SECURITY THATBUSINESSESAREPROPERLYANDEFFICIENT
ADMINISTRATIVE SIMPLIFICATION WHICH WILL PUBLIC HEALTH AND THE PROTECTION OF THE LYSUPERVISEDACROSSTHE%UROPEAN5NION
FACILITATE THE FREEDOM OF ESTABLISHMENT ENVIRONMENT WHILE AVOIDING DUPLICATION OF CONTROLS
AND THE CREATION OF NEW BUSINESS4HIS 4OPUTTHISMECHANISMINPLACE -EMBER
ISSEENASCRUCIALFORFOSTERINGENTREPRE 4HIS PROVISION AIMS TO STRIKE A FAIR BAL 3TATESANDTHE#OMMISSIONWILLRELYUPON
NEURSHIPANDFORPROMOTINGGROWTHAND ANCE BETWEEN GUARANTEEING THAT SERVICE A SPECIFIC ELECTRONIC SYSTEM FOR THE EX
JOBS!SARESULTOFTHE$IRECTIVE SERVICE PROVIDERSCANEFFECTIVELYPROVIDESERVICES CHANGEOFINFORMATION THE)NTERNAL-AR R
PROVIDERSCANBECONFIDENTTHATTHEYARE ACROSS BORDERS AND THUS TRULY BENEFIT KET)NFORMATION3YSTEM)-) 
DEALING WITH JUSTIFIED FAIR AND TRANSPAR
R FROM THE FREEDOM TO PROVIDE SERVICES
WHILSTNOTHINDERING-EMBER3TATESgABIL /VERTHECOMINGYEARS THE#OMMISSIONgS
ITYTOINVOKEnINCERTAINCLEARLY DEFINED MAINOBJECTIVEINTHISAREAWILLBETOEN
CIRCUMSTANCESnTHEIRMOSTESSENTIALRE SUREEARLY COHERENTANDEFFECTIVEIMPLE
QUIREMENTS4OIMPLEMENTTHISPROVISION MENTATIONOFTHE$IRECTIVE4HE3ERVICES
A SCREENING PROCESS OF NATIONAL REQUIRE $IRECTIVEISNOTJUSTALISTOFLEGALPROVI
MENTSHASBEENESTABLISHED SIONSWHICHSIMPLYNEEDTOBEREFLECTED
BY-EMBER3TATESINNATIONALLEGISLATION
2IGHTSOFRECIPIENTSWILL IT ALSO REPRESENTS A DYNAMIC PROCESS OF
BEBETTERPROTECTED SIMPLIFICATION SCREENING AND MODERNISA
TIONOFNATIONALREQUIREMENTSANDPROCE
4HE$IRECTIVEINTRODUCESANOBLIGATIONOF DURESAPPLICABLETOSERVICEPROVIDERS4HE
NON DISCRIMINATIONONGROUNDSOFNATION IMPLEMENTATIONPHASEWILLBEACOMPLEX
4HEIMPLEMENTATIONPHASEWILLBEA ALITYORPLACEOFRESIDENCEOFTHECUSTOM AND CHALLENGING TASK BOTH FOR -EMBER
COMPLEXANDCHALLENGINGTASKBOTHFOR ER TOBERESPECTEDBYNATIONALAUTHORITIES 3TATES AND THE #OMMISSION! COMMON
AND BY PRIVATE OPERATORS ,IKEWISE CUS APPROACH IS REQUIRED AND THE #OM
-EMBER3TATESANDFORTHE#OMMISSION TOMERS WILL BE BETTER INFORMED BY PRO MISSION CONSEQUENTLY INTENDS TO WORK
VIDERSANDBETTERASSISTEDBYAUTHORITIES CLOSELYWITH-EMBER3TATESANDPROVIDE
ENT AUTHORISATION REGIMES AND SWIFT AND GUIDANCETHROUGHOUTTHEIMPLEMENTATION
SIMPLE PROCEDURES4HEY WILL BE ABLE TO 4HE$IRECTIVEPROVIDESAFRAMEWORKFOR PERIOD
OBTAIN INFORMATION AND TO COMPLETE AD THEDEVELOPMENTBYSTAKEHOLDERSOFVOL INFO
MINISTRATIVEFORMALITIESTHROUGHPOINTSOF UNTARYMEASURES SUCHAS%UROPEANCODES 7ITHSUCCESSFULIMPLEMEN -ARIA-ARTIN 0RAT
SINGLECONTACTINANY-EMBER3TATEAND OF CONDUCT STANDARDS QUALITY LABELS OR TATION OF THE 3ERVICES $I 4%,  
INADDITION INELECTRONICFORM-OREOVER CERTIFICATION RECTIVE A REAL DIFFERENCE IN &!8  
-EMBER 3TATES WILL HAVE TO CARRY OUT A THE %5gS ECONOMY WILL BE -ARKT % ECEUROPAEU
SCREENING PROCESS OF NATIONAL AUTHORISA %STABLISHINGEFFECTIVE FELT OVER THE COMING YEARS
TIONPROCEDURESANDOTHERREQUIREMENTS ADMINISTRATIVECOOPERATION
4HISPROCESSWILLSIMPLIFY ACCELERATEAND

$IRECTIVE%#ONSERVICESINTHEINTERNALMARKET
REDUCETHECOSTOFSETTINGUPANEWBUSI )MPORTANTLY THE$IRECTIVEISUNDERPINNED PUBLISHEDINTHE/*,OF
NESSANDWILLDOAWAYWITHUNJUSTIFIEDAND BYOBLIGATIONSON-EMBER3TATESTOCO
OBSOLETEREQUIREMENTS
INFO HTTPECEUROPAEUINTERNAL?MARKETSERVICESSERVICES DIRINDEX?ENHTM

. O   * A N U A R Y    


0UBLICPROCUREMENT

0UBLICPROCUREMENTNEW
#OMMISSIONGUIDELINESON
DEFENCECONTRACTTENDERS
4HE#OMMISSIONHASISSUEDGUIDELINESONHOWTOAPPLY%5LAW
INTHEFIELDOFDEFENCEPROCUREMENT4HISISAFIRSTSTEPINAPROC
ESSOFCREATINGGREATERCOMPETITIVENESS OPENNESSANDEFFICIENCY
IN %5 DEFENCE MARKETS AND A MOVE TOWARDS THE CREATION OF A
%UROPEAN$EFENCE%QUIPMENT-ARKET

$
EFENCE PROCUREMENT ACCOUNTS TIVE#OMMUNICATION ASANECESSARYFIRST )N ADDITION CURRENT %5 PUBLIC PROCURE
FOR A LARGE SHARE OF PUBLIC PRO STEP TOWARDS GREATER COMPETITIVENESS MENT RULES ARE CONSIDERED ILL SUITED TO
CUREMENT IN THE %5 4HE DE OPENNESS AND EFFICIENCY IN %5 DEFENCE MANY DEFENCE CONTRACTS SINCE THEY DO
FENCEBUDGETSOFTHE-EMBER3TATESARE MARKETS NOT TAKE INTO ACCOUNT SOME SPECIAL FEA
TOGETHER WORTH ABOUT  BILLION EURO TURESOFTHOSECONTRACTS
WHICHINCLUDESMORETHANBILLIONEURO 4HE #OMMISSION SEES THESE GUIDELINES
FORPROCUREMENTINGENERALANDBILLION WHICH ARE SET OUT IN AN@)NTERPRETATIVE
!SARESULT MANY-EMBER3TATESARERE
EURO FOR THE ACQUISITION OF NEW EQUIP #OMMUNICATION AS A NECESSARY FIRST LUCTANT TO USE THE %5 RULES FOR DEFENCE
MENTINPARTICULAR STEP TOWARDS GREATER COMPETITIVENESS PROCUREMENT EVEN IF THE CONDITIONS FOR
OPENNESS AND EFFICIENCY IN %5 DEFENCE THE APPLICATION OF !RTICLE  ARE NOT
-EMBER3TATESEXEMPTDEFACTOTHEMA MARKETS MET ! NEW $IRECTIVE ADAPTED TO THE
JORITYOFDEFENCECONTRACTSFROM%5RULES SPECIFICITIES OF THE DEFENCE SECTOR COULD
WHICH ARE INSTEAD AWARDED ON THE BASIS )NADDITION THE#OMMISSIONISCURRENTLY SOLVETHISPROBLEMANDMAKEITEASIERFOR
OFNATIONALPROCUREMENTRULES WHICHDIF F ASSESSING THE IMPACT OF A POSSIBLE NEW -EMBER3TATESTOUSETHEEXEMPTIONUN
FER WIDELY THROUGHOUT THE %54HIS CAN $IRECTIVE THAT WOULD OFFER NEW MORE DER!RTICLEINARESTRICTIVEWAY
POTENTIALLY LIMIT MARKET ACCESS FOR NON FLEXIBLERULESADDRESSINGTHESPECIFICFEA
NATIONALSUPPLIERSTHEREBYCREATINGEXTRA TURESOFDEFENCEPROCUREMENT4HESEINI 4HE )NTERPRETATIVE #OMMUNICATION SETS
COSTSANDINEFFICIENCIESTHATCOULDHAVEA TIATIVESWEREFIRSTOUTLINEDIN$ECEMBER OUT TO DEAL WITH THIS PROBLEM AND TO
NEGATIVE IMPACT ON THE COMPETITIVENESS  AND ARE BASED ON RESPONSES TO A PREVENT POSSIBLE MISINTERPRETATION AND
OF%UROPESDEFENCEINDUSTRY 'REEN 0APER ON HOW TO OPEN DEFENCE MISUSE OF THE!RTICLE  EXEMPTION IN
PROCUREMENT TO GREATER TRANSPARENCY THEFIELDOFDEFENCEPROCUREMENT)NPAR R
4HE#OMMISSIONHASDRAWNUPFOR-EM ANDEFFICIENCY TICULAR ITEXPLAINSTHEPRINCIPLESOFTHEEX
BER 3TATES GUIDELINES ON WHEN DEFENCE EMPTION ANDCLARIFIESTHECONDITIONSFOR
CONTRACTS CAN LEGITIMATELY BE EXEMPT 'REENPAPER ITSUSEINTHELIGHTOF%UROPEAN#OURTOF
FROM%5RULESREQUIRINGCOMPETITIVEBID *USTICECASELAW
DING4HE#OMMISSIONSEESTHESEGUIDE !RTICLEOFTHE%#4REATYGIVES-EM
LINES WHICHARESETOUTINAN@)NTERPRETA BER 3TATES THE POSSIBILITY TO DEROGATE )NTERNAL -ARKET AND 3ERVICES #OMMIS
FROM )NTERNAL -ARKET RULES ON PUBLIC SIONER #HARLIE -C#REEVY COMMENTED
PROCUREMENTWHENTHISISNECESSARYFOR h4HESEGUIDELINESSHOULDIMPROVETHEWAY
THEPROTECTIONOFTHEIR@ESSENTIALSECURITY CURRENT%5LAWONDEFENCEPROCUREMENT
INTERESTS!CCORDINGTOTHE'REEN0APER IS APPLIED4HE NEXT STEP IS TO PROPOSE
CONSULTATIONOF -EMBER3TATES NEW LEGISLATION THAT WILL INCREASE COM
USE THE EXEMPTION EXTENSIVELY MAINLY PETITION DELIVER BETTER VALUE FOR MONEY
BECAUSE THE FIELD OF APPLICATION AND THE TO TAXPAYERS IN DEFENCE PROCUREMENT
CONDITIONSFORTHEUSEOF!RTICLEARE AND GIVE THE %UROPEAN DEFENCE INDUSTRY
NOTCLEARLYDEFINED AMUCH NEEDEDBOOSTv

INFO HTTPECEUROPAEUINTERNAL?MARKETPUBLICPROCUREMENTDPP?ENHTM

. O   * A N U A R Y    



3PECIAL

&EATURE

/VER THE PAST YEARS A SERIES OF REGULATORY DIALOGUES %5LEARNTTHATTOITSCOSTOVERTHE533ARBANES/XLEY!CT


HAS BEEN DEVELOPED BY THE #OMMISSION WITH THE %5gS ON CORPORATE GOVERNANCE WHICH THE 53 ADOPTED IN THE
MAINTRADINGPARTNERS NOTABLYTHE5NITED3TATES *APAN WAKEOFTHE%NRONSCANDAL
#HINA )NDIA AND 2USSIA )NDEED INTERNATIONAL REGULATORY
DIALOGUESHAVEALSOBECOMEANESSENTIALPLANKINTHERELA !TTHESAMETIME SUPERVISORYANDENFORCEMENTPROCESSES
TIONSHIPWHICH$')NTERNAL-ARKETAND3ERVICESHASWITH AREBECOMINGINCREASINGLYDIFFICULTTOMANAGEATNATIONAL
OTHER THIRD COUNTRIES!ND THESE DIALOGUES ARE STEADILY OREVEN%UROPEANLEVELBOTHINTERMSOFCOMPLEXITYAND
GROWINGINIMPORTANCE EFFICIENCYINVIEWOFTHEINCREASINGLYGLOBALOPERATIONOF
BUSINESS 2EGULATORS AND SUPERVISORS THUS NEED TO BE
2EGULATORYRELATIONSWITHTHESECOUNTRIESGENERALLYFOCUS MUCHMOREOUTWARD LOOKINGTHANINTHEPAST
ONFINANCIALMARKETSISSUES4HEMOSTDEVELOPEDDIALOGUE
IN THIS CONTEXT IS THE %5 53 INFORMAL &INANCIAL -ARKETS %5CANTAKETHELEAD
2EGULATORY$IALOGUE0ROMISINGREGULATORYCONTACTSALSO
EXIST DEALING WITH GOVERNMENT PROCUREMENT AND WITH 4HESESTEADILYEVOLVINGSCENARIOSRENDERITIMPERATIVETHAT
INTELLECTUALANDINDUSTRIALPROPERTYWITHSEVERALOFTHESE THE#OMMISSION GOVERNMENTSANDREGULATORSTAKEANIN
COUNTRIES TEGRATED COHERENTAPPROACHTOTODAYSCHALLENGES MAKING
SURETHATRULESANDSYSTEMSFUNCTIONEFFECTIVELY ATHOME
"OUNDARIESBECOMEBLURRED ANDINTHEGLOBALBUSINESSCONTEXT)NDEEDTHE%5CANPLAY
ALEADINGROLEINTHISCONTEXT GUIDINGDEVELOPMENTSATTHE
)NTODAYSWORLD BUSINESSHAS INTERNATIONALLEVELANDSHARINGBESTPRACTICES GLOBALLYAND
GONEGLOBALANDMARKETSHAVE WITHLIKE MINDEDCOUNTRIES INLINEWITH%5LAW"ECAUSE
MERGED !S A CONSEQUENCE OF ITS LONG AND DEEP EXPE
REGULATORY AND SUPERVISORY RIENCE OF DEALING WITH D
ISSUES HAVE GAINED SIGNIFI FERING REGULATORY SYSTEM 2EGULATORSANDSUPERVISORS
CANTLYINIMPORTANCEININTER R THE %5 MIGHT EVEN HAVE NEEDTOBEMUCHMOREOUT
NATIONAL ECONOMIC RELATIONS gCOMPARATIVE ADVANTAGEg
4HISISPARTICULARLYTHECASEIN THE NEW WORLD OF GLOB WARD LOOKINGTHANINTHEPAST
THETRANSATLANTICRELATIONSHIP REGULATION
BUTITISALSOTRUEWITHRESPECT
TOOTHERTHIRDCOUNTRIES4HE 4HIS IS ALSO ACKNOWLEDGED IN THE #OMMISSIONS RECENT
FINANCIALSERVICESINDUSTRYISA #OMMUNICATION ON g'LOBAL %UROPE COMPETING IN THE
GOODEXAMPLENEWMOVESTOWARDSGLOBALMARKETSCANBE WORLDgWHICHADDRESSESTHEEXTERNALASPECTSOF%UROPES
WITNESSEDALMOSTDAILY COMPETITIVENESS IN THE LIGHT OF THE GLOBAL ECONOMY4HE
#OMMUNICATIONPUTSASTRONGFOCUSONREGULATORYISSUES
4HEDRAMATICCHANGESINGLOBALECONOMICRELATIONSHAVE NOTABLY THROUGH ANNOUNCING THE NEGOTIATION OF A NEW
BLURREDDISTINCTIONSBETWEENgINTERNALgANDgEXTERNALgPOLI GENERATIONOF&REE4RADE!GREEMENTS&4!S WITHDEEPER
CIESANDREGULATION&ORINSTANCE ANYNEWRULESFORFINAN REGULATORYCOMMITMENTS
CIALMARKETSORCORPORATEGOVERNANCEINTHE%5ORTHE53
HAVEIMMEDIATEANDINEVITABLEREPERCUSSIONSONTHEOTHER 4HESENEGOTIATIONSnONTRADEANDINVESTMENT INTELLECTUAL
SIDEOFTHE!TLANTICANDONOTHERPARTSOFTHEWORLD4HE PROPERTYORONFINANCIALMARKETSnAREIMPORTANTINORDER
*ANUARY 


TOIMPROVEMARKETACCESSORTODOAWAYWITHSIGNIFICANT )NTHEMEDIUMTOLONGTERM INTERNATIONALDIALOGUESALSO
REGULATORYBARRIERS(OWEVER TODAYSGLOBALISEDWORLDRE OFFERAVALUABLEMEANSOFPROMOTINGTHECONVERGENCEOF
QUIRES ADDITIONAL MECHANISMS TO ALLOW FOR INFORMAL AND REGULATORYANDSUPERVISORYPRINCIPLESANDSYSTEMSTOWARDS
NON CONFRONTATIONALCOOPERATIONBETWEENREGULATORSIN BEST STANDARDS AND PRACTICES )T ALSO REINFORCES THE %5gS
TERNATIONALLY INFLUENCEONTHEGLOBALSTAGEBY FOREXAMPLE ENCOURAGING
PARTNERSTOADOPTREGULATORYSTANDARDSCLOSETOTHOSEOF
7IDE RANGINGISSUES THE%5!TTHESAMETIME INANINCREASINGLYINTERDEPEND
ENTWORLDECONOMY DIALOGUESFACILITATETHEMONITORINGOF
2EGULATORY DIALOGUES HAVE THEREFORE BEEN DEVELOPED BY THE OVERALL DEVELOPMENTS IN THE ECONOMIES OF OUR KEY
THE#OMMISSIONWITHITSMAINTRADINGPARTNERS ANDNOTA TRADINGANDFINANCIALPARTNERS
BLYWITHTHE5NITED3TATES *APAN #HINA )NDIAAND2USSIA
h!LLTHESEBENEFITSAREPARTICULARLYIMPORTANTFORTHEIN
4HE REGULATORY RELATIONS WITH THESE COUNTRIES COVER A TERNALMARKET4HEBENEFITSOFTHEINTERNALMARKETMAYIN
WIDERANGEOFFINANCIALMARKETSISSUES FROMCOMPANYLAW DEEDUNRAVEL IFITSFRAMEWORKISNOTADEQUATELYATTUNED
AND ACCOUNTING STANDARDS TO BANKING INSURANCE AND THE TOEXTERNALMARKETS ANDVICEVERSA vSAYS#OMMISSIONER
SUPERVISION OF FINANCIAL INSTITUTIONS AND IN SOME CASES #HARLIE-C#REEVY
MACRO ECONOMICISSUES!LLOFTHESECOUNTRIESHAVEORWILL
HAVE IMPORTANT CAPITAL MARKETS AND IN MANY CASES THEIR !CHIEVEMENTSANDCHALLENGES #APITAL-ARKETS
FINANCIALSECTORISUNDERGOINGMAJORCHANGESANDREFORMS
ESPECIALLY IN THE BANKING SECTOR SECURITIES MARKETS AND 4HANKSTOTHEEXCELLENTCOOPERATIONBETWEENREGULATORS
ACCOUNTING 4HEREISTHUSCONSIDERABLEINTERESTININTEN INTHEINFORMAL%5 53&INANCIAL-ARKETS2EGULATORY$IA
SIFYING REGULATORY CONTACTS AND SEEKING MUTUALLY ACCEPT LOGUE THENEGATIVEIMPACTFOR%UROPEANCOMPANIESOFTHE
ABLE SOLUTIONS ON ISSUES OF COMMON CONCERN4HE MOST 533ARBANES /XLEY!CTHASBEENREDUCED3INCETHESTART
DEVELOPEDDIALOGUE THE%5 53INFORMAL&INANCIAL-ARKETS THEEMPHASISHASGRADUALLYSHIFTEDFROMREGULATORYREPAIR
2EGULATORY$IALOGUE WASSETUPBYTHE#OMMISSIONINTHE TO DISCUSSING REGULATORY DEVELOPMENTS UPSTREAM BEFORE
WAKEOFTHE%NRONSCANDAL THEYBECOMELAW

0ROMISINGREGULATORYCONTACTSWITHSEVERALOFTHESECOUN h!NDCONSIDERABLEPROGRESSISBEINGMADEONANUMBEROF
TRIESALSOEXISTRELATINGTOGOVERNMENTPROCUREMENTAND ISSUESUNDERDISCUSSION v-C#REEVYSTRESSESh.OTABLYON
TOINTELLECTUALANDINDUSTRIALPROPERTY4HE#OMMISSIONIS ACCOUNTINGSTANDARDS WEAREWORKINGHARDANDSUCCESS
OFCOURSE ALSOENGAGEDWITHREGULATORSINOTHERCOUNTRIES FULLYWITHTHE53ANDALSOWITHOTHERPLAYERSSUCHAS*APAN
SUCH AS 3WITZERLAND AND #ANADA AND WILL ALWAYS REMAIN TOFACILITATETHEUSEOF'!!0AND)&23INEACHOTHERSJU
OPENTONEWSTRATEGICALLIANCESWHERESUFFICIENTECONOMIC RISDICTIONSANDTOPROMOTEPROGRESSONTHECONVERGENCE
ANDREGULATORYINTERESTEXISTS OFACCOUNTINGSTANDARDSINTERNATIONALLY
"ENEFITSOFDIALOGUE
5NITED3TATESnTHE%5SCLOSESTECONOMICPARTNER
%XPERIENCEHASSHOWNTHATTHISNEW
APPROACH TO COOPERATION CAN BE 4HE%5 53RELATIONSHIPISTHELARGESTBILATERALTRADEANDINVESTMENTRELATIONSHIPINTHE
HIGHLY EFFECTIVE IN PROBLEM SOLVING WORLDANDECONOMICTIESAREINCREASINGEVERYYEAR)TENCOMPASSESBILLIONEURO
ORPREVENTION)TTENDSTOHELPFOS OFTRADEINGOODSANDSERVICESEACHYEAR LARGEFLOWSOFINVESTMENTnUPTOTRILLION
TERMUTUALLYACCEPTABLESOLUTIONSTO EURO ANDPROVIDESEMPLOYMENTFORASMANYASMILLIONPEOPLEONBOTHSIDESOF
REGULATORY ISSUES AVOIDING NEGATIVE THE!TLANTIC
SPILL OVEROFREGULATIONONOTHERJU
RISDICTIONS4HISINTURNHELPSTORE "OTH ECONOMIES GENERATE A COMBINED TOTAL OF ALMOST  OF WORLD '$0 COVERING
DUCEUNNECESSARYCOMPLIANCECOSTS ALMOSTOFTHEWORLDCAPITALMARKETSANDACCOUNTFORMORETHANOFWORLD
AND ADJUSTMENT COSTS FOR INDUSTRY TRADE 3TRENGTHENING THE TRANSATLANTIC RELATIONSHIP FURTHER COULD TRANSLATE INTO HUGE
ACTIVE IN SEVERAL COUNTRIES 2EGULA ECONOMICBENEFITSANDMAKEBOTHECONOMIESMORECOMPETITIVEANDDYNAMIC
TORY DIALOGUES MIGHT NOT HAVE THE
POWERTOCONCLUDENEGOTIATIONSLIKE !T THE  %5 53 3UMMIT LEADERS ON BOTH SIDES AGREED TO ENHANCE TRANSATLANTIC
TRADENEGOTIATORSDO BUTNEITHERDO ECONOMICINTEGRATIONFURTHERANDTOSTRENGTHENGLOBALPARTNERSHIPnNOTABLYTHROUGH
THEYHAVETOCARRYTHEOFTENFORMAL THESO CALLEDg%5 53%CONOMIC)NITIATIVEg WHICHHASBEENFOLLOWEDUPBYANAMBI
ISTIC BURDENS OF TRADITIONAL TRADE TIOUS!CTION0LAN WHICHLISTSTHEMOSTSIGNIFICANTISSUESINTHE%5 53ECONOMY2EGARD
NEGOTIATIONS ING $' )NTERNAL -ARKET ISSUES THIS INCLUDES CLOSER COOPERATION ON CAPITAL MARKETS
INTELLECTUALPROPERTYPROTECTION GOVERNMENTPROCUREMENTANDPROFESSIONALQUALIFICA
TIONS3INCETHENBOTHSIDESMADESIGNIFICANTPROGRESSONMANYOFTHESEISSUES

. O * AN U* AANR UY AR Y   



*APANISBACK
7ITHA'$0OF BILLIONEUROIN *APANISTHEWORLDSSECONDLARG
ESTNATIONALECONOMY ACCOUNTINGFOROFTHEWORLDPOPULATIONANDAROUND
ONEEIGHTHOFWORLD'$0*APANISARICHCOUNTRYITHASTHEGREATESTSAVINGS
OFANYNATIONANDTHESECONDLARGESTFOREIGNCURRENCYRESERVESINTHEWORLD
OVERBILLIONEUROIN !FTERADECADEOFSTAGNATION h*APANISBACKv
4HE REVITALISATION OF THE *APANESE ECONOMY IS IMPORTANT FOR THE %5 BEING
*APANSMAJORINVESTORANDONEOFITSMAINTRADINGPARTNERS4HE%5AND*APAN
REPRESENTTOGETHERAROUNDOFWORLD'$0

7ITH*APAN REGULATORYCO OPERATIONTAKESPLACEINSEVERALFORA!MONGTHEM


THE2EGULATORY2EFORM$IALOGUE22$ ANDTHE(IGH,EVEL-EETINGON&I
/THERISSUESONTHETRANSATLANTICAGEN NANCIAL)SSUESCOVERALARGERANGEOFTOPICSTIEDTO)NTERNAL-ARKETPOLICIES
DAARETHEIMPLEMENTATIONOF"ASEL))AC 4HE2EGULATORY2EFORM$IALOGUEISATWOWAYPROCESSINWHICH*APANAND
CORD ON INTERNATIONAL CAPITAL ADEQUACY THE%5PRESENTPROPOSALSFORREGULATORYREFORMTOEACHOTHER)TCOVERSALL
STANDARDS THE SUPERVISION OF FINANCIAL ISSUESOF%5 *APANCOOPERATION OFWHICHALARGENUMBERARE$'-!2+4IS
CONGLOMERATES GETTING RID OF THE COL SUESCOMPANYLAW )02 PUBLICPROCUREMENT ACCOUNTINGAUDITINGANDFINANCIAL
LATERAL REQUIREMENTS FOR %5 REINSUR R SERVICES 4HE%5 *APAN$IALOGUEON&INANCIAL)SSUESFOCUSESSPECIFICALLYON
ERS IN THE 53 AND PROPOSED RULES TO BANKING INSURANCE SECURITIESANDACCOUNTINGAUDITINGISSUES
FACILITATE FOREIGN FIRMS PERMANENT EXIT
FROM THE 53 3ECURITIES AND %XCHANGE
#OMMISSIONS REGISTRATION AND REPORT
INGREGIME PRACTICALASPECTSTOIMPROVEBORDERENFORCEMENTCOOP
ERATION TOHELPTHEPRIVATESECTORTOENFORCETHEIRRIGHTS
&URTHERMORE BOTHSIDESAREINCLOSECONTACTONUPCOMING ANDTOASSISTTHIRDCOUNTRIESINFIGHTINGCOUNTERFEITINGAND
CHALLENGES AND OPPORTUNITIES SUCH AS MODERNISED INSUR R PIRACY
ANCERULES3OLVENCY)) ENCOURAGINGANOPENINVESTMENT
CLIMATE ON BOTH SIDES OF THE!TLANTIC AND ON POTENTIAL h"UTIFWEWANTTOCONVINCECOUNTRIESSUCHAS#HINAOR
TRANSATLANTICMERGERSOFSTOCK EXCHANGES 2USSIA TO MAKE SERIOUS EFFORTS TO ENFORCE THEIR RULES v
-C#REEVYSTRESSESh7ENEEDTHEMTOALSOSUBSCRIBETO
h)NVIEWOFTHEDEEP%5 53INVESTMENTLINKSANDTHESTEAD THERAISONDÐTREOFINTELLECTUALPROPERTYv&ORTHISREASON
ILYINTEGRATINGTRANSATLANTICFINANCIALMARKETS ITISCRUCIAL THE#OMMISSIONISALSOENGAGEDINAN)02DIALOGUEWITH
TOCONTINUEONTHISSUCCESSFULPATH v-C#REEVYEMPHASIS #HINAANDISPREPARINGSIMILARSTEPSWITH2USSIA
ESh'IVENTHESTRONGECONOMICINTERDEPENDENCE WEARE
BESTSERVEDWHENWEWORKTOGETHERTOWARDSAFAVOURABLE *OINTWORKONINTELLECTUALPROPERTYnWITHTHE53 BUTALSO
BUSINESSCLIMATEANDTOTACKLEGLOBALCHALLENGESv WITH*APANANDOTHERSnALSOCOVERSIMPORTANTREGULATORY
ISSUES SUCHASTHEBESTWAYFORWARDTOIMPROVEEFFICIENCY
)NDEED ANEWCHALLENGEFORBOTHPLAYERSTODAYISCOMING ANDEFFECTIVENESSOFPATENTPROTECTIONANDPATENTGRANTING
FROMRAPIDLYGROWINGECONOMIESSUCHAS#HINAAND)NDIA PROCEDURESATGLOBALLEVELnANOTHERSTEPPINGSTONEFORA
4HE EVER MORE GLOBAL ARENA HAS SHIFTED TRANSATLANTIC IN DYNAMICANDINNOVATIVEBUSINESSCLIMATE
TERESTSFROMPURELYBILATERALCONCERNSTOISSUESOFWIDER
IMPORTANCE SUCHASADEQUATEGLOBALRULESONACCOUNTING 'OVERNMENTPROCUREMENT
STANDARDS AUDITINGORONBANKINGCAPITALREQUIREMENTS
2EGARDINGGOVERNMENTPROCUREMENT BILATERALWORKWITH
)NTELLECTUALAND)NDUSTRIAL0ROPERTY2IGHTS COUNTRIESSUCHASTHE53AND*APANAIMSATFACILITATINGBET
TERUNDERSTANDINGOFOURRESPECTIVESYSTEMSnTHISISES
!NOTHER KEY AREA REQUIRING CLOSE COLLABORATION INTERNA PECIALLY IMPORTANT IN VIEW OF THE ONGOING REVIEW OF THE
TIONALLYISINTELLECTUALANDINDUSTRIALPROPERTY)02 WITH 7ORLD 4RADE /RGANISATIONgS 'OVERNMENT 0ROCUREMENT
A PRIORITY ON ENFORCEMENT )NDEED GLOBALISATION CANNOT !GREEMENT '0! TO IDENTIFY AND SOLVE DIFFERENCES IN
DELIVERITSFULLPOTENTIALIFEFFICIENTPROTECTIONOFCREATIVITY IMPLEMENTINGTHE!GREEMENTANDTOFACILITATECOOPERA
ANDINNOVATIONISNOTENSURED)NTHISCONTEXT ANEFFECTIVE TIONONTECHNICALISSUES SUCHASE PROCUREMENT
FIGHTAGAINSTCOUNTERFEITINGANDPIRACYISCRUCIALnNOTONLY
INRELATIONTO#HINAAND2USSIAWHERECOUNTERFEITINGAND 7ITH #HINA )NDIA AND 2USSIA WORK FOCUSES ON ENHANC
PIRACYREMAINWIDESPREAD BUTINOTHERCOUNTRIESASWELL ING THEIR RESPECTIVE GOVERNMENT PROCUREMENT SYSTEMS
TOWARDS INCREASED TRANSPARENCY AND OPEN
4HE %5 AND THE 53 HAVE THUS AGREED TO ENHANCE COL NESSANDONPREPARINGTHEGROUNDFORFUTURE
LABORATIONONPROMOTINGENFORCEMENTOF)02 ANDAJOINT MARKETACCESSTALKS
STRATEGYWASDRAWNUPINTHESUMMEROFFOCUSINGON

*ANUARY 
. O   * A N U A R Y    


#HINAnGROWINGRESPONSIBILITIES
3INCE  #HINA HAS ENJOYED ON AVERAGE  ANNUAL AVERAGE
GROWTHANDHASSEENITSSHAREOFWORLD'$0EXPANDTENFOLDTO
REACH TODAY  OF GLOBAL '$0 #HINAS GROWTH HAS RESULTED IN
THESTEEPESTRECORDEDDROPINPOVERTYINWORLDHISTORY ANDTHE
EMERGENCEOFALARGEMIDDLECLASS BETTEREDUCATEDANDWITHRISING
PURCHASINGPOWERANDCHOICES4HE/LYMPIC'AMESIN"EI
JINGANDTHE7ORLD%XPOIN3HANGHAIWILLFOCUSTHEWORLDS
ATTENTIONON#HINASPROGRESS

%5EXPORTSTO#HINAINCREASEDBYOVERBETWEENAND
 MUCHFASTERTHANITSEXPORTSTOTHERESTOFTHEWORLD%5
EXPORTSOFSERVICESTO#HINAEXPANDEDSIX FOLDINTHETENYEARS
TO#HINASFOREIGNEXCHANGERESERVESNOWSTANDATANAS
+EYSTOSUCCESS TONISHINGTRILLION53$ THELARGESTINTHEWORLD#HINAHASNOW
MORETHANMILLIONINTERNETUSERS!LSO ONEMILLION#HINESE
4HE#OMMISSIONSDIALOGUESSUCCEEDPRIMARILYDUETOTHE TOURISTSVISIT%UROPEEVERYYEAR #HINESESTUDENTSSTUD
CLOSE COMMUNICATION BETWEEN THE PARTIES INVOLVED THE IEDININTHE%5
TRANSPARENCYOFTHEPROCESS THEISSUE DRIVENAGENDAAND
THEINFORMALNATUREOFTHESEDIALOGUES -AINEVENTSINTHE#OMMISSIONSREGULATORYCOOPERATIONARETHE
%5 #HINA2EGULATORY$IALOGUEINFINANCIALMATTERSANDTHE%5
4HISIMPLIESTHATBOTHPARTIESAREFREETODISCUSSPOTEN #HINA2OUNDTABLEON&INANCIAL3ERVICESAND2EGULATIONWITHFINAN
TIALLYCONTENTIOUSTOPICSINANOPENMANNERnWITHOUTTHE CIALINDUSTRY"OTHEVENTSDEALWITHISSUESOFBANKING INSURANCE
FEARTHATTHEYENDUPINTHEPRESSTHENEXTDAY SECURITIES AND ACCOUNTINGAUDITING CORPORATE GOVERNANCE AND
ANTI MONEY LAUNDERING ISSUES &URTHERMORE AN %5 #HINA 0UBLIC
-OST IMPORTANT HOWEVER IS THE MUTUAL INTEREST IN FIND 0ROCUREMENT$IALOGUEANDAN%5 #HINA$IALOGUEON)NTELLECTUAL
INGASEARLYASPOSSIBLEACCEPTABLESOLUTIONSTOPROBLEMS 0ROPERTYHAVEBEENSETUPTOPROMOTEMUTUALUNDERSTANDING
AND COMMON CHALLENGES THAT REDUCE COMPLIANCE COSTS
FOR OUR RESPECTIVE BUSINESSES AND ELIMINATE DUPLICATIVE
ASSESSMENTS INSPECTIONS AND REQUIREMENTS WHILE TAKING 7AY&ORWARD
DUE ACCOUNT OF THE DIFFERENCES IN THE RESPECTIVE REGULA
TORYSTRUCTURES )NTODAYSWORLD REGULATORYDIALOGUESHAVEGAINEDSIGNIFI
CANTLYINIMPORTANCEAND"RUSSELSISBEINGACCEPTEDASA
SERIOUSANDRELIABLEPARTNERINTHISCONTEXT

2USSIA ANgEMERGINGPARTNERgFORDIALOGUE
7ITHA'$0OFBILLIONEUROINCOMPARABLETOTHE'$0OF)NDIA BUTWITHAPOPULATION
SEVENTIMESSMALLERnMILLIONCOMPAREDTOBILLIONFOR)NDIA ANDANAVERAGEGROWTHOF
OVERTHEPASTYEARS 2USSIAHASBECOMEAKEYWORLDTRADEPLAYERANDAMAJOREMERGINGECONOMY
BOOSTEDBYTHERECORD HIGHOILPRICE2USSIAISTHE%5gSTHIRDLARGESTTRADINGPARTNERAND%5 2US
SIABILATERALTRADEEXPORTANDIMPORT INCREASEDBYIN&OREIGN$IRECT)NVESTMENT&$)
INFLOWSINTO2USSIAGREWBYINCOMPAREDTO WHICHREFLECTSBOTHIMPROVEMENTINTHE
BUSINESSCLIMATEANDABETTERECONOMICOUTLOOKFOR2USSIA

!NUMBEROFREGULATORYDIALOGUESHAVEBEENLAUNCHEDOVERTHEPASTMONTHSBETWEENTHE%5AND
2USSIAUNDERTHE#OMMON%CONOMIC3PACE2OADMAP4HE%5 2USSIA$IALOGUEON)NTELLECTUAL0ROP
ERTY2IGHTS)02 WASLAUNCHEDIN!PRIL FOCUSINGONENFORCEMENTANDONTHENEW)02LEGISLATIONCURRENTLY
BEINGDISCUSSEDINTHE3TATE$UMA!DIALOGUEONGOVERNMENTPROCUREMENTISSUESWASLAUNCHEDIN*ULY
FOCUSING ON THE RECENTLY ADOPTED 2USSIAN PROCUREMENT LEGISLATION AND ON E PROCUREMENT ,AST BUT NOT LEAST
THE%5 2USSIADIALOGUEONFINANCIALSERVICESWASLAUNCHEDIN*UNE WITHPARTICIPATIONFROMTHE-INISTRYOF
&INANCE THE&INANCIAL-ARKETS&EDERAL3ERVICEANDTHE2USSIAN#ENTRAL"ANK4HELAUNCHOFTHESETHREEDIALOGUES
HASPROVEDTOBEVERYTIMELY GIVENTHEGROWINGINTERACTIONBETWEENTHE%5AND2USSIANMARKETSANDTHERAFTOF
LEGISLATIVEREFORMSCURRENTLYBEINGCARRIEDOUTBYTHE2USSIANAUTHORITIES

*ANUARY 
. O   * A N U A R Y    



4HE#OMMISSIONSDIALOGUESWITHTHE53AND*APAN AND
MORERECENTLY #HINA 2USSIAAND)NDIAAREGOODEXAMPLES
OFPOSITIVE PRAGMATICANDEVOLUTIONARYWORK ASSISTINGIN
)NDIA
PROVIDINGTHEAPPROPRIATEREGULATORYFRAMEWORKFOR%U )NDIA THELARGESTDEMOCRACYINTHEWORLD ISAMARKETOF
ROPEANCOMPANIESANDMARKETSTOCOMPETEINTHE%5AND BILLION CONSUMERS THAT HAS BEEN GROWING BY  IN RECENT
ONAGLOBALSCALE YEARS)NDIAISAHIGH TECHPOWERHOUSEWITH
 MILLION NEW TELEPHONE LINES EACH MONTH
4HEREISSCOPEANDINTERESTTODOMORE THATEXCELSNOTONLYINSOFTWAREBUTALSOIN
!TTHESAMETIME ESTABLISHINGPRIORITIES BIOTECH SPACEFLIGHT AND THE PEACEFUL USE OF
ISESSENTIALASGOODDIALOGUESREQUIRESIG NUCLEAR ENERGY &URTHERMORE )NDIA IS A TOP
NIFICANTCOMMITMENTS)NTHISCONTEXT THE DESTINATIONFOR%UROPEANOUTSOURCERSnES
#OMMISSIONWILLCONTINUETOGIVEPRIOR R PECIALLYINTHEFIELDOFSERVICES
ITYTOTHOSEREGULATORSANDISSUESWHERE
REGULATORY INTERDEPENDENCE AND CHAL )N  %5 AND )NDIA ADOPTED A BILATERAL
LENGES ARE HIGHEST AND WHERE INEFFICIEN !CTION 0LAN WHICH CALLS FOR THE LAUNCH OF A
CIESORFRICTIONSAREMOSTLIKELYTOCAUSE DIALOGUEONFINANCIALSERVICESREGULATORYPOL
DAMAGE ICIES BANKINGSYSTEMSANDACCOUNTINGAUDIT
INGSTANDARDS3UBSEQUENTLY THEgST%5 )NDIA
$' )NTERNAL -ARKET AND 3ERVICES THUS $IALOGUE ON &INANCIAL 3ERVICES 2EGULATIONg
INTENDSTOCONTINUEITSFINANCIALMARKETS TOOK PLACE IN *UNE  5NDER THE )NDIAN
REGULATORY DIALOGUES WITH THE 53 *APAN ROADMAPTO FOREIGNBANKOWNERSHIPAS
#HINA )NDIA AND 2USSIA AND STEP THEM WELLASINVESTMENTFUNDSANDPENSIONFUNDS
UPWHEREAPPROPRIATE4HESAMEAPPLIES WILL BE THE MAIN ISSUES FOR FUTURE MEETINGS
TO KEY ISSUES REGARDING INTELLECTUAL AND BETWEENFINANCEREGULATORSFROMBOTHSIDES
INDUSTRIALPROPERTYANDGOVERNMENTPRO
CUREMENT !N IMPORTANT OUTCOME OF THE SEVENTH %5
)NDIASUMMITOF/CTOBERWASITSPOSITIVEPOLITICALSTATE
h7HAT WE NEED TO DO v -C#REEVY IS CONVINCED hIS TO MENTURGINGBOTHSIDESTOSTARTPREPARATIONSFORNEGOTIATINGA
STRIVEFORFEWERnBETTERQUALITYnMORECOMPATIBLERULES gBROAD BASEDgBILATERALTRADEANDINVESTMENTFREETRADEAGREE
ANDSUPERVISORYMODELSTOOFFERINTERNATIONALLY HELPINGTO MENT&4! )SSUESLIKEFORINSTANCE)02 0UBLIC0ROCUREMENT
IMPROVETHEINTERNATIONALREGULATORYCLIMATEANDNOTABLY THERIGHTOFESTABLISHMENTANDTHEFREEFLOWOFCAPITALWILLBE
THEPARAMETERSFORINNOVATION COMPETITIVENESSANDECO DEALTWITHINTHE&4!
NOMICGROWTH7EMUSTLIVEUPTOTHESECHALLENGESIFWE
WANTTOREAPTHEREWARDSOFGLOBALISATION
#ONTINUOUSMONITORING

4HEBESTWAYFORWARDONREGULATORYDIALOGUESMAYCHANGE /NETHING HOWEVER ALWAYSREMAINSVALIDINAFASTCHANGING


OVERTIME4HE#OMMISSIONTHEREFORECONTINUOUSLYMONI GLOBALECONOMY WITHNEW DYNAMICPLAYERSEMERGING THE
TORS THEIR WORK WITH A VIEW TO ENSURING INTELLIGENT TAR
R INTERACTIONBETWEENTHEINTERNALMARKETANDTHEOUTSIDE
GETED AND FORWARD LOOKING COOPERATION )N THIS CONTEXT WORLDISCONSTANTLYINCREASING4HISMAKESPERMANENTIN
PLURILATERALEVENTS SUCHASROUNDTABLESWITHREGULATORSOF TERNATIONALCOOPERATIONWITHOURPARTNERSNOTANOPTIONAL
STRATEGICCOUNTRIESMIGHTALSOBEANOPTION EXTRAnITISANECONOMIC POLITICALANDREGULATORYNECES
SITY

INFO
"IRGIT7EISE -ONTAG
4%,  
&!8  
-ARKT " ECEUROPAEU

INFO HTTPECEUROPAEUINTERNAL?MARKETEXT DIMENSIONDIALOGUESINDEX?ENHTM

*ANUARY 
. O   * A N U A R Y    


)NVESTMENTFUNDS

5#)43#OMMISSIONSETSOUT
ITSVISIONFORMODERNISINGTHE
%5INVESTMENTFUNDMARKET

4HE#OMMISSIONHASADOPTEDA7HITE0APERWHICHSETSOUTAPRO
GRAMME OF REFORMS TO THE 5#)43
LEGISLATION AFFECTING INVESTMENT
FUNDS IN THE %54HESE REFORMS AIM TO IMPROVE THE ECONOMIC EF
FICIENCYOFTHEFUNDBUSINESSANDSTRENGTHENINVESTORPROTECTIONAND
TRANSPARENCY

)
NA7HITE0APERTHE#OMMISSIONHAS 4HECHANGESWOULD STITUTEDEXPERTGROUPS)TALSORESPONDS
SET OUT ITS VISION FOR THE MODERNISA s SIMPLIFYTHENOTIlCATIONPROCEDURE DIRECTLYTOTHEIMPORTANTCONCERNSRAISED
TIONOFTHE%5FRAMEWORKFORINVEST IN THE -ARCH  REPORT OF THE %URO
s CREATEAFRAMEWORKFORTHECROSS
MENTFUNDS4HEPROPOSEDIMPROVEMENTS BORDERMERGEROFFUNDS PEAN 0ARLIAMENT ON ASSET MANAGEMENT
WOULD MODERNISE THE CURRENT $IRECTIVE 4HESTEPSPROPOSEDINTHIS7HITE0APER
s INTRODUCEAMANAGEMENTCOMPANY
ONINVESTMENTFUNDSTOENSURETHATINVES PASSPORT HAVEBEENTHEOBJECTOFRIGOROUSIMPACT
TORSRECEIVEUSEFULCOSTANDPERFORMANCE ASSESSMENT
s CREATEAFRAMEWORKFORASSET
DISCLOSURESWHENSELECTINGFUNDS ANDTO
POOLING
MAKEITEASIERFORTHEINDUSTRYTOACHIEVE &OUR FOLDGROWTH
COST SAVINGS AND SPECIALISATION BENEFITS s ENABLEFUNDMANAGERSTOMANAGE
FUNDSDOMICILEDINOTHER-EMBER
ACROSSTHESINGLEMARKET4HEINVESTMENT )NVESTMENT FUNDS ARE AN IMPORTANT PIL
3TATES
FUNDMARKETAFFECTEDREPRESENTSAPOOLOF LAROFTHE%UROPEANFINANCIALSYSTEM4HIS
SOME BILLIONEUROOFPROFESSIONALLY s IMPROVETHEQUALITYANDRELEVANCEOF
THEKEYDISCLOSUREDOCUMENTSTOTHE
MANAGEDASSETS
ENDINVESTORAND
h4HEGROWTHOFTHE%UROPEAN
&OLLOWING FURTHER STUDIES ON COST EF F sSTRENGTHENSUPERVISORYCOOPERATION
FECTIVENESS AND INVESTOR PROTECTION THE TOMONITORANDREDUCERISKOFCROSS INVESTMENTFUNDINDUSTRYHAS
BORDERINVESTORABUSE
#OMMISSION PLANS TO PROPOSE THESE BEENSPECTACULAR"UTITSTILLHAS
CHANGESINAUTUMN INTHEFORMOF 4HE7HITE0APERALSOPROPOSESTOREVIEW
AMENDMENTS TO THE CURRENT $IRECTIVE OPTIONSFORESTABLISHINGA%UROPEAN@PRI
MASSIVEUNTAPPEDPOTENTIAL
-EANWHILE THE #OMMISSION WILL ALSO VATEPLACEMENTREGIME ALLOWINGFINANCIAL
LOOKATWHETHERTHEREISANEEDTOCRE INSTITUTIONS TO OFFER INVESTMENT OPPOR R
ATE A SIMILAR FRAMEWORK FOR OTHER FUND TUNITIESTOQUALIFIEDINVESTORSACROSSTHE
PRODUCTS ESPECIALLY REAL ESTATE FUNDS %5 &INALLY IT COMMITS THE #OMMISSION BUSINESSHASGROWNFOUR FOLDOVERTHELAST
THATARENOTCOVEREDBYTHECURRENT%5 TO ANALYSE THE OPTIONS OF A SINGLE MAR R DECADE)TSIMPORTANCEISSETTOGROWAS
FRAMEWORK KETFRAMEWORKFORNON HARMONISEDRETAIL MANY %UROPEAN INVESTORS USE THEM AS
PRODUCTS ONEMEANSTOSAVEFORAPROSPEROUSRE
7HITE0APER TIREMENT4HEYHAVEALSOBECOMEAKEYIN
#ONSULTATIONANDDEBATE VESTMENTTOOLFORINSTITUTIONALINVESTORS
4HE 7HITE 0APER PROPOSES TARGETED SUCHASPENSIONFUNDS
CHANGES TO THE CURRENT %5 FRAMEWORK 4HE #OMMISSION HAS DEVELOPED THE
FORRETAIL ORIENTEDINVESTMENTFUNDSTHE 7HITE 0APER ON THE BASIS OF EXTENSIVE 4HEMARKETISINCREASINGLYORGANISEDON
@5#)43 $IRECTIVE  4HIS FRAMEWORK NO CONSULTATIONANDDEBATEWITHCONSUMERS APAN %UROPEANBASIS)N CROSS BOR R
LONGERADEQUATELYREFLECTSTHECHALLENGES INDUSTRYPRACTITIONERSANDPOLICY MAKERS DER FUND SALES REPRESENTED SOME 
FACINGTHEINDUSTRYTODAY OVERAPERIODOFTWOYEARS)TBUILDSONRE OF THE TOTAL NET INDUSTRY INFLOWS 4HE
SPONSESTOTHE'REEN0APEROF*ULY @5#)43 MODEL IS CONSIDERED AS A@GOLD
ANDONTHREEREPORTSFROMSPECIALLYCON STANDARDBOTHINSIDEANDOUTSIDETHE%5

. O   * A N U A R Y    


)NVESTMENTFUNDS

7ITH   BILLION EURO UNDER MANAGE 4HE7HITE0APERCOMMITSTHE#OMMIS


MENTnEQUIVALENTTOMORETHANOF SIONTOREVIEWTHEREMAININGBARRIERSAND
THE%5GROSSDOMESTICPRODUCTn@5#)43 OPTIONS FOR ESTABLISHING AN EFFECTIVE PRI
REPRESENT  OF THE INVESTMENT FUNDS VATEPLACEMENTREGIME4HISWOULDALLOW
MARKETIN%UROPE FINANCIALINSTITUTIONSTOOFFERINVESTMENTS
TOQUALIFIEDINVESTORSACROSS%UROPE
6IBRANT%UROPEANINDUSTRY
2EGULATORYARCHITECTURE
4HE5#)43$IRECTIVEHASPROVIDEDTHEFO
CALPOINTFORTHEDEVELOPMENTOFAVIBRANT 4HERE ARE ALSO ADDITIONAL QUESTIONS RE
%UROPEANFUNDINDUSTRY)THASPROVIDEDA GARDINGTHESCOPEANDREGULATORYARCHITEC
COMMONREGULATORYCONCEPTANDASINGLE TUREOFTHE5#)43$IRECTIVE0RESCRIPTIVE
MARKETPASSPORT INVESTMENTRULESEXCLUDESOMECLASSESOF
FUNDWHICHAREAVAILABLETORETAILINVESTORS
!SOUNDANDEFFICIENTREGULATORYENVIRON ATNATIONALLEVEL$ETAILED@PRODUCTREGULA
MENTISAPRECONDITIONFORTHECONTINUED TIONALSORENDERSTHE5#)43FRAMEWORK
SUCCESSFUL DEVELOPMENT OF THE MARKET ILL EQUIPPEDTOCOPEWITHCONSTANTFINAN
(OWEVER THE CURRENT LEGISLATIVE FRAME CIALINNOVATION
WORKNOLONGERALLOWSTHEFUNDINDUSTRY
TOADAPTEFFECTIVELYTOSTRUCTURALCHANGE 4HE IMPACT ASSESSMENT WHICH WAS UN
4HE SUB OPTIMAL FUNCTIONING OF EXISTING DERTAKEN REVEALS NO CASE TO AMEND THE
PROVISIONSANDALACKOFFLEXIBILITYINTHE SCOPE OR ARCHITECTURE OF THE $IRECTIVE
$IRECTIVE GIVE RISE TO UNNECESSARILY HIGH ATTHISSTAGE2ATHERTHANPREMATUREAND
COMPLIANCE COSTS 4HIS TRANSLATES INTO ILL PREPAREDACTION THE7HITE0APERPRO
MISSED BUSINESS AND INVESTMENT OPPOR R POSESCAREFULSTUDYASABASISFORABETTER
TUNITIESFORINDUSTRYANDINVESTORS INFORMEDPOLICYDEBATE

4ARGETEDAMENDMENTS ! STRUCTURED REVIEW OF NON HARMONISED h7E WILL CONTINUE WORKING IN AN OPEN
INVESTMENTFUNDSANDTHECOSTSANDBENE ANDTRANSPARENTWAYANDPUBLISHANEXPO
4HE 7HITE 0APER ON INVESTMENT FUNDS FITSOFPOSSIBLE%5 LEVELACTIONWILLBEUN SUREDRAFTINEARLY7ELOOKFORWARD
COMMITS THE #OMMISSION TO COME FOR R DERTAKEN4HISWILLCULMINATEINAREPORT TODISCUSSINGOUREVOLVINGPROPOSALSWITH
WARD WITH PROPOSALS FOR TARGETED LEGIS TOTHE#OUNCILAND%UROPEAN0ARLIAMENT -EMBER3TATES INDUSTRY INVESTORSANDALL
LATIVE AMENDMENTS TO 5#)43 IN AUTUMN INMID  INTERESTED STAKEHOLDERS TO ENSURE COST
!PARAMOUNTCONSIDERATIONISTHE EFFECTIVESOLUTIONSv
NEED TO ENSURE BETTER OUTCOMES FOR h4HEGROWTHOFTHE%UROPEANINVESTMENT
INVESTORS4HIS IS WHY THE7HITE 0APER FUND INDUSTRY HAS BEEN SPECTACULAR "UT
PLACES SO MUCH EMPHASIS ON INFORMING IT STILL HAS MASSIVE UNTAPPED POTENTIAL
INVESTORSANDENSURINGTHATTHEYRECEIVE 4HESECHANGESWILLUNLOCKTHISPOTENTIAL
OBJECTIVE AND IMPARTIAL ASSISTANCE FROM BYCREATINGABARRIER FREEMARKETFORIN
FUNDDISTRIBUTORS VESTMENTFUNDSINTHE%5 MEANINGMORE
CHOICE AND LOWER COSTS FOR INVESTORS v INFO
#ERTAIN NON HARMONISED COLLECTIVE IN COMMENTED #OMMISSIONER FOR )NTERNAL 5WE%ITELJOERGE
4%,  
VESTMENTSAREORAREPERCEIVEDTOBETOO -ARKETAND3ERVICES #HARLIE-C#REEVY
&!8  
COMPLEXANDRISKYTOBEMARKETEDTOTHE -ARKT ' ECEUROPAEU
RETAILPUBLIC!PRIVATEPLACEMENTREGIME
IS SEEN AS A USEFUL ROUTE FOR INTEGRATING
THEMARKETFORSUCHPRODUCTS


5#)43 5NDERTAKINGSFOR#OLLECTIVE
)NVESTMENTSIN4RANSFERABLE3ECURITIES

INFO HTTPECEUROPAEUINTERNAL?MARKETSECURITIESUCITSINDEX?ENHTM

. O   * A N U A R Y    

3ECURITIES

#OMMISSIONPROPOSESWIDENING
THESCOPEOFTHE
&INANCIAL#OLLATERAL$IRECTIVE
3INCE ITS INTRODUCTION THREE YEARS AGO THE &INANCAL
#OLLATERAL $IRECTIVE HAS MADE THE USE OF FINANCIAL
COLLATERAL AND THE ENFORCEMENT OF COLLATERAL OBLIGA
TIONSSIMPLERANDMOREEFFICIENT ACCORDINGTOANEW
REPORT4HE#OMMISSIONISPROPOSINGTOFURTHERWID
ENTHESCOPEOFTHE$IRECTIVE

!
NEVALUATIONREPORTPUBLISHEDBY REPORTONTHEAPPLICATIONOFTHE$IRECTIVE ,OSSMINIMISATION
THE#OMMISSIONONTHEIMPACTOF BEFORE$ECEMBER
THE &INANCIAL #OLLATERAL!RRANGE &INANCIALCOLLATERALARETHEASSETSPROVID
MENTS $IRECTIVE CONCLUDES THAT THE $I 4HE REPORT SHOWS THAT MOST -EMBER EDBYABORROWERTOALENDERTOMINIMISE
RECTIVEHASMADETHEUSEOFFINANCIALCOL 3TATESIMPLEMENTEDTHE&#$PROVISIONS THERISKOFFINANCIALLOSSTOTHELENDERIN
LATERALANDTHEENFORCEMENTOFCOLLATERAL IN THEIR NATIONAL LAWS AFTER THE DEADLINE THEEVENTOFTHEBORROWERDEFAULTINGON
OBLIGATIONS SIMPLER AND MORE EFFICIENT FORIMPLEMENTATIONSETBYTHE$IRECTIVE ITS FINANCIAL OBLIGATIONS TO THE LENDER
/VERALL -EMBER3TATESHAVEADEQUATELY WHILENINE-EMBER3TATESDIDSOONLYIN #OLLATERALISINCREASINGLYUSEDINALLTYPES
IMPLEMENTEDTHE$IRECTIVE THE COURSE OF !S A RESULT MARKET OFTRANSACTIONS INCLUDINGCAPITALMARKETS
EXPERIENCEWITHTHEUSEOFTHE$IRECTIVE BANKTREASURYANDFUNDING PAYMENTAND
ISRELATIVELYRECENTANDITISPREMATURETO CLEARINGSYSTEMSANDGENERALBANKLEND
4HEPASTFEWYEARSHAVESEENA MAKEAFINALASSESSMENTOFTHEIMPACTOF ING4HECOLLATERALPROVIDEDISMOSTOFTEN
SPECTACULARINCREASEINTHECROSS THE $IRECTIVE (OWEVER THE OVERALL IM INTHEFORMOFCASHORSECURITIES
PRESSION IS THAT THE &#$ IS FUNCTIONING
BORDERUSEOFFINANCIALCOLLATERAL WELLANDHASMADETHEUSEOFFINANCIALCOL )NTERNAL -ARKET AND 3ERVICES #OMMIS
MAKING%5FINANCIALMARKETSEVEN LATERALANDTHEENFORCEMENTOFCOLLATERAL SIONER-C#REEVYCOMMENTEDh4HEPAST
OBLIGATIONSSIMPLERANDMOREEFFICIENT FEWYEARSHAVESEENASPECTACULARINCREASE
MORELIQUIDANDINTEGRATED INTHECROSS BORDERUSEOFFINANCIALCOL
!SOF*ANUARY THE%UROPEAN#EN LATERAL MAKING%5FINANCIALMARKETSEVEN
TRAL"ANKACCEPTSCERTAINCREDITCLAIMSAS MORELIQUIDANDINTEGRATED
4HE#OMMISSIONHASPROPOSEDANEXTEN ANELIGIBLETYPEOFCOLLATERALFOR%UROSYS
SION OF THE $IRECTIVES SCOPE TO INCLUDE TEM CREDIT OPERATIONS4HE #OMMISSION )NVESTORS CAN NOW ACCESS FUNDS MORE
CERTAINCREDITCLAIMSTHAT ASOF*ANUARY CONSIDERSTHATTHISWILLHELPPROVIDEFUR R EFFICIENTLY AND CREDIT INSTITUTIONS CAN
 WILLBEELIGIBLEASCOLLATERALFOR%U THERLIQUIDITYIN%5FINANCIALMARKETSAND PROVIDE LENDING MORE EFFICIENTLY4HE IN
ROSYSTEMCREDITOPERATIONS ITISTHEREFOREOPENTOEXTENDINGTHEMA TRODUCTIONOFTHE&INANCIAL#OLLATERAL$I
TERIALSCOPEOFTHE$IRECTIVE RECTIVE THREE YEARS AGO HAS CONTRIBUTED
!BOUTTHEEVALUATIONREPORT TO THIS SUCCESS WHICH IS WHY ) AM NOW
4HEREPORTALSOADDRESSESTHETHREEOPT OPEN TO EXTENDING ITS SCOPE TO INCLUDE
4HIS&INANCIAL#OLLATERAL$IRECTIVE&#$ OUTPROVISIONSCONTAINEDINTHE$IRECTIVE OTHERTYPESOFCOLLATERALv
CREATESAUNIFORM%5LEGALFRAMEWORKFOR ANDTHENEEDTOIMPROVETHEPROVISIONS
THECROSS BORDERUSEOFFINANCIALCOLLATER
R ON CLOSE OUT NETTING
AND CONFLICTS OF
ALANDTHUSABOLISHESMOSTOFTHEFORMAL LAW
WHEN FOLLOWINGDEFAULTORTERMINATIONEVENT ALL
REQUIREMENTS TRADITIONALLY IMPOSED ON THE TERMINATION VALUES TOGETHER WITH ANY UNPAID
COLLATERALARRANGEMENTS AMOUNTS AREREDUCEDTOASINGLENETAMOUNTOWED
BYONEPARTYTOTHEOTHER
5NDER !RTICLE  OF THE $IRECTIVE THE
#OMMISSION WAS REQUIRED TO PRESENT A INFO HTTPECEUROPAEUINTERNAL?MARKETlNANCIAL MARKETSCOLLATERALINDEX?ENHTM

. O   * A N U A R Y    


3TATUTORYAUDIT

#OMMISSIONCONSULTSONTHE
REGULATIONOFNON %5
AUDITFIRMS
!SIGNIFICANTNUMBEROFNON %5AUDITFIRMSOPERATEWITHINTHE
%UROPEAN5NIONANDTHE#OMMISSIONHASLAUNCHEDANINDUSTRY
WIDECONSULTATIONTOEXPLOREWAYSOFENSURINGTHEYAREEFFEC
TIVELYREGULATEDINWAYSTHATDONOTADVERSELYAFFECT%5CAPITAL
MARKETS

EACH %5 -EMBER 3TATE WHERE THEIR CLI


ENTS SECURITIES ARE ADMITTED TO TRADING
!RTICLE 

4
HE #OMMISSION HAS LAUNCHED A R 0RELIMINARY ESTIMATES INDICATE THAT AP
THE $IRECTIVE ON 3TATUTORY!UDIT )NTER
PUBLIC CONSULTATION ON ITS FUTURE ESTEDPARTIESAREINVITEDTOSUBMITTHEIR PROXIMATELYAUDITFIRMSAUDITINGISSU
STRATEGY AND PRIORITIES ON STATU CONTRIBUTIONSBY-ARCH ERSFROMABOUTTHIRDCOUNTRIESWILLBE
TORY AUDIT COVERING NON %5 COUNTRIES AFFECTEDBYTHESERULES
@THIRD COUNTRIES  4HE #OMMISSION FIRMSAFFECTED
WANTSTOKNOWTHEBUSINESSCOMMUNITYS 7HILSTTHEIMPLEMENTATIONOFTHE$IREC
VIEWS ON HOW THIRD COUNTRY AUDIT FIRMS 4HE  $IRECTIVE ON 3TATUTORY!UDIT TIVEISPRIMARILYAMATTERFOR%5-EMBER
COULDBESUPERVISEDANDONHOWTHE%5 %# APPLIESNOTONLYTO%5AU 3TATES THE#OMMISSIONWISHESTOOBTAIN
COULDCOOPERATEWITHTHIRDCOUNTRIES DITORS AND AUDIT FIRMS BUT ALSO TO AUDIT VIEWSONACTIONITMIGHTTAKETOFACILITATE
FIRMS FROM THIRD COUNTRIES )T REQUIRES THEIMPLEMENTATIONOFTHE$IRECTIVEAND
4HECONSULTATIONSHOULDASSISTTHE#OM THIRD COUNTRY AUDIT FIRMS TO REGISTER IN TOAVOIDMARKETFRAGMENTATION
MISSIONINFINDINGPRAGMATICANDCONSIST
INFO HTTPECEUROPAEUINTERNAL?MARKETAUDITINGINDEX?ENHTM
ENT SOLUTIONS WITHIN THE FRAMEWORK OF

!UDITORSLIABILITY

#OMMISSIONCONSULTSONPOSSIBLEREFORMOFLIABILITYRULESINTHE%5
4HE #OMMISSION HAS LAUNCHED A PUBLIC %# EXPRESSLYALLOWSTHE#OMMISSION s 4HEINTRODUCTIONOFACAPBASEDONA
CONSULTATIONONWHETHERTHEREISANEED TO ISSUE A RECOMMENDATION TO -EMBER MULTIPLEOFTHEAUDITFEESCHARGEDBY
TOREFORMRULESONAUDITORSLIABILITYINTHE 3TATES/NTHEBASISOFTHEREPLIESTOTHE THEAUDITORTOITSCLIENT
%5ANDONTHEPOSSIBLEWAYSFORWARD CONSULTATION THE #OMMISSION WILL CON
SIDER IF AND WHAT KIND OF RECOMMENDA s 4HEINTRODUCTIONBY-EMBER3TATES
4HIS FOLLOWS AN INDEPENDENT STUDY BY TIONTOGIVETO-EMBER3TATES OFTHEPRINCIPLEOFPROPORTIONATE
,ONDON%CONOMICSONTHEECONOMICIM LIABILITY WHICHMEANSTHATEACHPARTY
PACTOFCURRENTAUDITORSLIABILITYREGIMES 4HEFOURPOSSIBLEOPTIONSFORREFORMING AUDITORANDAUDITEDCOMPANY IS
LIABLEONLYFORTHEPORTIONOFLOSS
ANDONINSURANCECONDITIONSIN-EMBER AUDITORSLIABILITYARE
THATCORRESPONDSTOTHEPARTYS
3TATESSEE3-.  DEGREEOFRESPONSIBILITY
s 4HEINTRODUCTIONOFAlXEDMONETARY
4HE #OMMISSION HAS DRAWN UP FOUR CAPAT%UROPEANLEVEL BUTTHISMIGHT
POSSIBLE OPTIONS FOR REFORMING AUDITORS BEDIFlCULTTOACHIEVE )N ADDITION THE #OMMISSION HAS PUB
LIABILITY REGIMES IN THE %5 AND INVITES LISHEDANOVERVIEWOFTHELEGALSITUATION
STAKEHOLDERS TO GIVE THEIR VIEWS ON THE s 4HEINTRODUCTIONOFACAPBASEDON IN-EMBER3TATES
ISSUES INVOLVED BY  -ARCH  4HE THESIZEOFTHEAUDITEDCOMPANY AS
MEASUREDBYITSMARKETCAPITALISATION
$IRECTIVEON3TATUTORY!UDIT -OREINFORMATIONISAVAILABLEAT

INFO HTTPECEUROPAEUINTERNAL?MARKETAUDITINGLIABILITYINDEX?ENHTM

. O   * A N U A R Y    

/()-

#OMMISSIONPROPOSES
AUTOMATICREVIEWOF
4RADE-ARKFEES
4HE #OMMISSIONHASPUBLISHEDA#OMMUNICATIONABOUTTHELONG TERM
MANAGEMENTOFTHEFINANCINGOFTHE/FFICEFORTHE(ARMONISATIONINTHE
)NTERNAL-ARKET/()- 4HE#OMMISSIONPROPOSESAREGULARANDAUTO
MATICFEESREVIEWTOGUARANTEETHATINTHEFUTUREAREASONABLEEQUILIBRIUM
INTHE/()-BUDGETWILLBEACHIEVEDUNDERALLFINANCIALCIRCUMSTANCES

4 HE/()- LOCATEDIN!LICANTE 3PAIN


WASSETUPBYTHE#OMMUNITY
4RADE -ARK 2EGULATION 3INCE IT BECAME
TURALYEAR ON YEARINCREASESINTHEACCU IMPROVEITSPERFORMANCEINTOACHIEVING
MULATEDCASHRESERVESISNOTACCEPTABLE BETTERDECISIONS SIMPLERPROCEDURESAND
INTHELONGRUN INCREASEDPROCESSINGSPEEDINKEYPARTS
OPERATIONALIN MORETHAN  OFITSOPERATIONS
TRADE MARKS HAVE BEEN REGISTERED AND #OMMISSIONROLE
SINCEITBEGANPROCESSING#OMMUNITYDE 4HEFEEREFORMSHOULDALSONOTPREVENT
SIGNSIN OVER DESIGNSHAVE 4HE#OMMISSIONHASASPECIFICRESPONSI OPTIMUM COOPERATION BETWEEN /()-
BEENSUCCESSFULLYPROCESSED BILITYBECAUSEITISINCHARGEOFSETTINGTHE ANDTHETRADEMARKOFFICESOFTHE-EM
FEELEVELS)TPROPOSESTHEREFORETOINTRO BER 3TATES 4ECHNICAL COOPERATION PART
!S A SELF FINANCING %5 AGENCY WHOSE DUCEAMETHODOFREGULARANDAUTOMATIC NERSHIPS COULD BE FURTHER DEVELOPED IN
BUDGET IS INDEPENDENT FROM THE #OM REVIEWOFTHETRADEMARKFEESBASEDON AREASSUCHASTRAINING INFORMATIONTECH
MUNITY BUDGET /()- IS SUBJECT TO THE THE/()-SFINANCIALPERSPECTIVES NOLOGIES PROMOTION AND INFORMATION
REQUIREMENT THAT THE REVENUE AND EX SERVICES
PENDITUREINITSBUDGETSHALLBEBALANCED !REGULARFEESREVIEWSHOULDBEAPPLIED
4HEBUDGETOF/()-ISMAINLYFUNDEDBY BOTH IN CIRCUMSTANCES OF BUDGET SUR R 4HE#OMMISSIONINTENDSTOPRESENTPRO
THEFEESTHATBUSINESSESHAVETOPAYFOR PLUSESASWELLASINSITUATIONSOFBUDGET POSALS FOR AN AMENDMENT OF THE #OM
ITSSERVICES SHORTAGES MAKING USE OF A STANDARD AP MISSIONS4RADE-ARK&EES2EGULATIONIN
PROACHINWHICHTHEMOSTIMPORTANTFEES THE3PRINGOF
'ROWINGVOLUMEOFTRADEMARKAPPLICATIONS WOULDMOVEUPWARDSORDOWNWARDSAS
NECESSARY &OLLOWING POLITICAL AGREEMENT
/()- IS GENERATING SUBSTANTIAL CASH RE ON THIS APPROACH SUCH A FORMULA COULD
SERVESARISINGFROMSEVERALCAUSESINCLUD BE AUTOMATICALLY APPLIED FOR EXAMPLE
INGSTEADILYRISINGNUMBERSOFTRADEMARK ONANANNUALBASIS)NTHESHORTTERMTHIS
AND DESIGN APPLICATIONS INCREASED PRO WOULDLEADTOFURTHERFEEREDUCTIONSFOR
DUCTIVITY AND IMPROVED EFFICIENCY OF THE BUSINESS
/FFICE ASWELLASGROWTHINE"USINESS
4HEPRE DETERMINEDFORMULASHOULDNOT
INFO
$ESPITERECENTFEEREDUCTIONSTHESECASH PUTATRISKTHE/()-SHIGHLEVELOFPER R
(ARRIE4EMMINK
RESERVES ARE EXPECTED TO GROW FURTHER FORMANCE ! RECENT INDEPENDENT USERSg 4%,  
INTHECOMINGYEARS"YTHEENDOF SURVEY SHOWED AN OVERALL SATISFACTION &!8  
CUMULATIVE CASH RESERVES REACHED MORE WITHTHEPERFORMANCEOFTHEAGENCY BUT -ARKT $ ECEUROPAEU
THEN  MILLION EURO AND CUMULATIVE /()-ISWORKINGONINITIATIVESTOFURTHER
RESERVES COULD EASILY REACH  MILLION
EUROBYTHEENDOFANDNEARLY
MILLIONEUROBYTHEENDOF!SIGNIFI HTTPECEUROPAEUINTERNAL?MARKETINDPROPTMINDEX?ENHTM
INFO
CANT ANNUAL SURPLUS WHICH CAUSES STRUC HTTPOAMIEUROPAEUENDEFAULTHTM

. O   * A N U A R Y    


)NFRINGEMENTS

3UPPLEMENTARYHEALTHINSURANCEPROVIDED
BYPRIVATESICKNESSFUNDS"ELGIUM
4HE#OMMISSIONHA E#OMMISSIONISNOTQUESTIONINGINANYWAYTHESTRUCTURE
"ELGIUMTOSUBMI E"ELGIANSOCIALSECURITYSYSTEMORTHERIGHTOFPRIVATE
NESS FUNDS THA SFUNDSTOPROVIDESUPPLEMENTARYHEALTHINSURANCE
IEONTOPOF MMISSIONSREQUESTTAKESTHEFORMOFA@LETTEROF
TIONWITHCO TICE "ELGIUM IS ASKED TO SEND ITS REPLY WITHIN
VATESICKNE S$EPENDINGONTHEANALYSISOFTHISREPLY THE
ANDARENO NWILLDECIDEWHETHERORNOTTOISSUEAhREA
SUPERVISIO ONv FORMALLY CALLING ON THE "ELGIAN 'OVERN
MISSION IS ENDTHERELEVANTLEGISLATION
LEVELSOFP

0OSTINGOFWORKERSFROMTHE
NEW-EMBER3TATES.ETHERLANDS
4HE #OMMISSION HAS DECIDED TO ISSUE A FORMAL REQUEST 4HE$UTCHAUTHORITIESHAVENOTRESPONDEDTOTHE#OM
INTHEFORMOFAREASONEDOPINION TOTHE$UTCHAUTHORI MISSIONS SUPPLEMENTARY LETTER OF FORMAL NOTICE OF *ULY
TIES TO REVISE THE RULES IN FORCE CONCERNING THE POSTING  CALLING FOR $UTCH LEGISLATION TO TAKE THE REASONED
TO $UTCH TERRITORY OF WORKERS FROM CERTAIN NEW -EM OPINION OF *ULY  INTO ACCOUNT IN THE COURSE OF THE
BER3TATESINTHEFRAMEWORKOFTHEPROVISIONOFSERVICES PROCEDURE

#  
!   ! 
   
 
 # # $
!
!
 #"

$##


. O   * A N U A R Y    

)NFRINGEMENTS

0UBLICPROCUREMENT
!USTRIA 'ERMANY 'REECE 0OLANDAND3PAIN
4HE #OM ORTSERVICES ANDTO0OLANDCONCERNINGTHEPROCURE
THE %URO AUTOMATEDRADARCOASTALSURVEILLANCEEQUIPMENT
DERING MMISSIONHASALSOSENT3PAINTWOFORMALREQUESTS
SIO AND ND ITS PRACTICES REGARDING THE USE OF DISCRIMI
OF A T CHNICALSPECIFICATIONSFORTHEPURCHASEORLEASE
4HE #O TEREQUIPMENT ANDTHEOTHERREGARDINGAPUBLIC
QUESTS T NTRACTFORTHECONSTRUCTIONOFAVEGETABLEWASTE
MAINTENA NGPLANTIN-OTRIL 'RANADA4HESEREQUESTSTAKE
MOFhREASONEDOPINIONSv

0ROFESSIONALQUALIFICATIONS
&RANCE 'ERMANY 0ORTUGALAND3PAIN
4HE#OMMISSIONHASDECIDEDTOREFERTHEFOLLOWING-EM OFTHE%#4REATY TOSEND&RANCEAFURTHERREASONED
BER3TATESTOTHE%#*UNDER!RTICLEOFTHE%#4REATY OPINIONREQUESTINGITTOCOMPLYIMMEDIATELYWITHA
&RANCEOVERITSRULESONTHERECOGNITIONOFQUALIFICATIONS #OURTJUDGEMENTREQUIRINGITTOIMPLEMENT%5RULESON
FOR CANYONING GUIDES 0ORTUGAL OVER ITS NON IMPLEMENTA RECOGNITION OF QUALIFICATIONS FOR SPECIAL NEEDS TEACHERS
TIONOF%5RULESONTHERECOGNITIONOFQUALIFICATIONSFOR &INALLY THE#OMMISSIONHASFORMALLYREQUESTED'ERMANY
PHARMACIST BIOLOGISTS AND 3PAIN OVER ITS RULES ON THE TO MODIFY ITS LEGISLATION ON THE RECOGNITION OF QUALIFICA
RECOGNITION OF QUALIFICATIONS FOR HOSPITAL PHARMACISTS TIONSFORDENTISTS4HISREQUESTTAKESTHEFORMOFAhREA
)N ADDITION THE #OMMISSION HAS DECIDED UNDER!RTICLE SONEDOPINIONv

0UBLICPROCUREMENTnCLOSEDCASES
!USTRIA #ZECH2EPUBLIC 'ERMANYAND)TALY
4HE#OMMISSIONHASDECIDEDTOCLOSEARANGEOFINFRINGE PERSONNELCARRIERSFORTHE#ZECHARMY
MENTCASESONPUBLICPROCUREMENT4HECASESWEREAGAINST CONCERNING NON IMPLEMENTATION INTO N
)TALY CONCERNING THE REVIEW PROCEDURES RELATING TO THE PUBLIC PROCUREMENT $IRECTIVES AND TH
AWARD OF PUBLIC CONTRACTS AND A REGIONAL LAW APPLICABLE PLANNINGSERVICESINTHECITYOF7ARENA
TO&RIULI6ENEZIA'IULIAONPUBLICWORKSAGAINSTTHE#ZECH CONCERNING PUBLIC PRIVATE PARTNERSHIPS
2EPUBLICCONCERNINGTHETENDERPROCEDUREFORARMOURED POSALSECTOR

.ON IMPLEMENTATIONOF3INGLE-ARKETLAWS
ACTIONAGAINSTNINE-EMBER3TATES
4HE #OMMISSION HAS DECIDED TO PURSUE INFRINGE 3PAIN AND 3WEDEN TO THEE %#* OVER THEIR FAILURE TO IM
M
MENT PROCEDURES AGAINST NINE -EMBER 3TATES n "EL PLEMENTTHERESALERIGHT $IRECTIVE4HE#OMMISSIONHAAS
GIUM #YPRUS %STONIA &RANCE 'REECE )TALY THE 3LO ALSOFORMALLYREQUESTED""ELGIUM #YPRUS %STONIA )TALY TH HE
VAK 2EPUBLIC 3PAIN AND 3WEDEN n FOR FAILURE TO IMPLE 3LOVAK2EPUBLICAND3PAINNTOIMPLEMENTTHE$IRECTIVEO ON
MENT CERTAIN )NTERNAL -ARKET $IRECTIVES IN NATIONAL LAW TAKEOVERBIDSINNATIONALLAAW4HESEREQUESTSTAKETHEFORM M
4HE #OMMISSION HAS REFERRED "ELGIUM &RANCE 'REECE OFhREASONEDOPINIONSv

. O   * A N U A R Y    


)NFRINGEMENTS

&REEMOVEMENTOFSERVICES
!USTRIA 'ERMANY &RANCEAND)TALY
4HE#OMMISSIONHASDECIDEDTOREFER!USTRIATOTHE%#*OVER WORKIN&RANCE ANDTOMODIFYITSLEGISLATIONONOWNERSHIP
ITSRULESDISCRIMINATINGAGAINSTNATIONALSFROMEIGHT-EMBER OFBIOLOGICALANALYSISLABORATORIES)TALYISBEINGFORMALLYRE
3TATESTHATJOINEDTHE%5INWISHINGTOESTABLISHACOM QUESTEDTOMODIFYITSLEGISLATIONRESTRICTINGTHEACTIVITIESOF
PANYIN!USTRIA4HE#OMMISSIONHASALSODECIDEDTOREFER COMPANIESINVOLVEDINGASANDELECTRICITYDISTRIBUTION4HESE
&RANCETOTHE%#*OVERITSLEGISLATIONREQUIRINGCHIEFARCHI FORMAL REQUESTS TAKE THE FORM OFhREASONED OPINIONSv
TECTSOFHISTORICALMONUMENTSTOBEOF&RENCHNATIONALITY 5NDER!RTICLEOFTHE%#4REATY THE#OMMISSIONHAS
4HE#OMMISSIONHASDECIDEDTOSEND!USTRIAFORMALRE SENT A LETTER OF FORMAL NOTICE ASKING &RANCE FOR FULL IN
QUESTSTOMODIFYITSLEGISLATIONRESTRICTINGTHEFREEMOVE FORMATION ON ITS EXECUTION OF A  #OURT JUDGEMENT
MENTOFSERVICESFORPATENTAGENTSANDOBLIGINGDOCTORSTO CONCERNING RESTRICTIONS ON PERFORMERS AGENCIES AND
OPENANACCOUNTATASPECIFICBANK4HE#OMMISSIONHAS SELF EMPLOYED PERFORMERS WISHING TO WORK IN &RANCE
SENTANADDITIONALFORMALREQUESTTO'ERMANYREGARDINGITS &INALLY THE #OMMISSION HAS DECIDED UNDER!RTICLE 
APPLICATIONOFABILATERALAGREEMENTWITH0OLANDINRELATION OF THE %#4REATY TO SEND 'ERMANY A FURTHER REASONED
TOTHECONSTRUCTIONSECTOR)NADDITION THE#OMMISSION OPINIONREQUESTINGITTOCOMPLYIMMEDIATELYWITHA
HASDECIDEDTOSENDFORMALREQUESTSTO&RANCETOMODIFYITS #OURTJUDGEMENTCONCERNINGTHEPOSTINGOFTHIRD COUNTRY
LEGISLATIONRESTRICTINGTHEABILITYOFCERTIFIEDTRANSLATORSTO NATIONALSBY%5COMPANIES

&REEDOMOFESTABLISHMENTINFRINGEMENTS
'ERMANY 0ORTUGALAND&RANCE
ASDECIDEDTOREFER'ERMANYTOTHE%#* ERSOFHAVEANADDRESSANDAMINIMUMACTIVITYIN&RANCE
ONRULESFORVEHICLEINSPECTIONORGANISA PLUS THE OBLIGATION TO MAKE MONTHLY STATISTICAL DECLARA
THEREQUIREMENTFORCOMPULSORYAFFILIA TIONSANDTOSHOWALLTHEIRCOMMERCIALDOCUMENTS
NUMBEROFSELF EMPLOYED INDEPENDENT
AME SUBJECT THE #OMMISSION WILL FOR R 4HE #OMMISSION HAS ALSO FORMALLY REQUESTED &RANCE TO
UGALTOAMENDITSRULESONTHEGRANTING AMEND ITS RULES CONCERNING THE ESTABLISHMENT OF RETAIL
OBODIESOFOTHER-EMBER3TATESWISH STORES4HE#OMMISSIONCONSIDERSTHATTHEAUTHORISATION
EHICLE INSPECTION ACTIVITIES IN 0ORTUGAL PROCEDURE IS BASED ON CRITERIA NOT SUFFICIENTLY OBJECTIVE
ASFORMALLYREQUESTED&RANCETOAMEND ANDPRECISE MOSTOFTHEMAIMINGATASSESSINGTHEPOTENTIAL
CEREALSTRADERSTOOBTAINANAUTHORISA ECONOMICIMPACTOFTHEOPENINGOFTHENEWSHOP ANDIS
TUTION IN WHICH POTENTIAL COMPETITORS BURDENSOMEANDUNFAIRINTHATITGIVESADECISION MAKING
ED THAT THEY HAVE STOCK CAPACITY IN ROLETOREPRESENTATIVESOFTHEEXISTINGECONOMICOPERATORS
ENDITSRULESREQUIRINGTHATCEREALSTRAD 4HESEFORMALREQUESTSTAKETHEFORMOFhREASONEDOPINIONSv

-OREINFORMATIONONINFRINGEMENTPROCEEDINGSRELATINGTOTHE3INGLE-ARKETISAVAILABLEAT
HTTPECEUROPAEUINTERNAL?MARKETINFRINGEMENTSINDEX?ENHTM

4HELATESTINFORMATIONONINFRINGEMENTPROCEEDINGSCONCERNINGALL-EMBER3TATESISAVAILABLEAT
HTTPECEUROPAEUCOMMUNITY?LAWEULAWINDEX?ENHTM

).&2).'%-%.402/#%$52%3
)FTHE#OMMISSIONOBTAINSORRECEIVESCONVINCINGEVIDENCEFROMACOMPLAINANTTHATANINFRINGEMENTOF%5LAW
ISTAKINGPLACE ITFIRSTSENDSTHE-EMBER3TATESCONCERNEDALETTEROFFORMALNOTICE
)FTHE-EMBER3TATEDOESNOTREPLYWITHINFORMATIONALLOWINGTHECASETOBECLOSED THE#OMMISSIONSENDSA
REASONEDOPINION THESECONDSTEPOFTHEINFRINGEMENTPROCEEDINGSUNDER!RTICLEOFTHE%#4REATY)FTHERE
ISNOSATISFACTORYRESPONSEWITHINTWOMONTHS THE#OMMISSIONMAYTHENDECIDETOREFERTHECASETOTHE%URO
PEAN#OURTOF*USTICEIN,UXEMBOURG

. O   * A N U A R Y