On Wednesday 28 October, MEPs on the European Parliament Committee on Economic and Monetary Affairs (ECON) adopted, by 26 votes to 12, with 18 abstentions, the draft report by Markus Ferber (EPP, Germany) on adjustments to the Markets in Financial Instruments Directive (MiFID II) in order to promote post-Covid-19 economic recovery (see EUROPE 12535/11).
“The Covid-19 crisis has negatively impacted many companies’ capital situation. We need to make it easier for companies to tap into financial markets to remedy this. Today’s package can be a small contribution towards that goal”, said Ferber the day after the vote.
As expected, all of the compromise amendments were adopted and the European Parliament position is relatively close to the Commission’s original proposal (see EUROPE 12590/11). The Greens/EFA and GUE/NGL groups voted against the report, while the S&D and ID groups abstained.
According to Ferber, the changes will not dilute protection for small investors, and will make life easier for experienced professional investors. “Cutting red tape for professionals will help to make European capital markets more liquid and efficient“, he said.
On the key issue of the position limit regime for energy derivative contracts, the compromise proposed by the rapporteur was narrowly adopted (by 26 votes to 25, with five abstentions) in preference to the alternative compromise supported by the S&D and Greens/EFA groups.
“We aim to strengthen the international role of the Euro by making it easier for newly developed energy contracts that are traded in Euro to get off the ground. The main beneficiaries of such a move will be innovative contracts for clean energy that are vital for the energy transition and the Green Deal”, said Ferber, who was puzzled as to how the Greens/EFA group could oppose a move of this nature.
Also on Wednesday, the MEPs supported the mandate to start interinstitutional negotiations with the Council of the EU (by 30 votes to 12, with 14 abstentions). (Original version in French by Marion Fontana)