Press conference by Michel Barnier, Member of the EC, on strengthening sanctions for violations of EU financial services rules
Michel Barnier, Member of the EC in charge of Internal Market and Services, gave a press conference on strengthening sanctions for violations of EU financial services rules. The EC adopted a communication setting out possible ways to reinforce sanctioning regimes in the EU's financial services sector. Rules vary greatly between Member States and, arguably, often do not serve as an effective deterrent. Based on a review of national sanctioning regimes for violations of national rules transposing some of the most important EU directives relating to financial services, the Communication presents areas for improvement and suggests possible EU actions in order to achieve greater convergence and efficiency of these regimes. Interested stakeholders can send their contributions up until 19 February 2011.