Brussels, 09/07/2013 (Agence Europe) - On Tuesday 9 July, France expressed reservations about the inter-institutional agreement on the market abuse regulation endorsed in June by EU member states' representatives to the European Union (Coreper), which left out the question of harmonising administrative penalties (see EUROPE 10876). French Economy Minister Pierre Moscovici hoped the review clause would enable the EU28 to return to the question because penalties of this type were speedy, effective and had the biggest dissuasive effect.
Spain, Portugal, Italy and the European Commission back the idea, but other countries have doubts. Austrian Finance Minister Maria Fekter said it wasn't possible to add administrative penalties for this type of offence under the Austrian constitution and that, if the prospect were ever to emerge, then Austria would have to opt out. The Netherlands made similar comments, suggesting that the draft regulation be adopted as is and work continue on his colleague's suggestion, a view shared by Luxembourg, which refused to commit itself at this stage. Estonia said the agreement shouldn't be altered. The Lithuanian Presidency of the Council of the EU took note of the French concerns and the agreement which is likely to be submitted to the EP and Council of Ministers in September. (EL/transl.fl)