Other news - November 2010
The European Commission has presented a Report to the European Parliament and the Council on the application of the Regulation on the Statute for a European Company (Societas Europaea or SE). The Statute gives companies operating in more than one Member State the option of establishing themselves as a single company under EU law. Roughly 650 companies have been set up as SEs within the EU. The Statute has helped these companies to do business more easily in Europe, but there are issues that remain unaddressed.
Commissioner Barnier welcomes the endorsement of the new capital and liquidity requirements for the banking sector by the Heads of State and Government at the G20 meeting in Seoul. At the heart of this endorsement lies the Basel agreement of September 2010. The support this agreement has received today by world leaders marks an important step in strengthening banking regulation and global financial stability.
Commissioner Barnier welcomes EU agreement on tighter rules for the alternative investment fund sector
Michel Barnier welcomed the plenary vote of the European Parliament on the Alternative Investment Fund Managers Directive. With the approval of both the governments of the EU Member States and the Members of the European Parliament, Europe is now set to introduce a new comprehensive and secure framework for the supervision and prudential oversight of hedge funds, private equity funds, real estate funds and a wide range of other types of institutional fund.
As part of its further work in creating a sounder financial system, the Commission services have launched a broad consultation on future policy in the field of credit rating agencies (CRAs). The Commission also launched a consultation on the harmonisation of securities law.
On his second official visit to the US, Commissioner Barnier met with political representatives and key players in the financial sector. His engagement included meetings with Treasury Secretary Tim Geithner and with US Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler. He also delivered speeches at the Securities Industry and Financial Markets Association (SIMFA) and at the Atlantic Council.