On Tuesday 6 June, the Swedish Presidency of the Council of the EU presented Member States with a compromise text on the Commission’s draft statement on establishing a framework for cooperation on financial services regulation between the EU and the UK (see EUROPE 13184/36).
The text, a copy of which has been obtained by EUROPE, stipulates that the Member States undertake to cooperate “openly and transparently” with the Commission, including during bilateral meetings and contacts between them and the United Kingdom, so that they can bring to the Commission’s attention “any relevant information likely to have an impact on regulatory cooperation between the EU and the United Kingdom”.
The Commission, for its part, would be obliged to take into consideration requests from Member States to be present, on a specific issue, at a meeting of the Joint Forum for Financial Services.
In addition, the Commission should also consult the Council of the EU prior to Forum meetings. The initial proposal was for the Commission to inform the Member States only. The Commission should also “do its utmost to ensure that the EU Council receives the relevant information sufficiently in advance of the meeting” to “enable a fruitful exchange of views”. A report should be submitted to the Member States after each meeting.
The reference to obliging the Commission to ensure that the European Parliament can participate “appropriately” and to inform it of “relevant developments” has been removed from the compromise proposal.
Finally, the Swedish Presidency has added the notion of “dialogue” to the pillars underpinning the Memorandum of Understanding between the EU and the UK to safeguard financial stability.
See the document: https://aeur.eu/f/7az (Original version in French by Thomas Mangin)