Brussels, 19/11/2001 (Agence Europe) - The EFTA Surveillance Authority (responsible for ensuring the EEA Agreement is respected by the three EFTA member countries that are also EEA members - Norway, Iceland and Liechtenstein) has published a report on the application of the Investor Compensation Schemes Directive (97/9/EC). The Directive sets out a harmonised minimum level of compensation (EUR 20 000) for each investor should an investment firms be unable to repay money or return instruments owned by investors but held by the firm in question. The report gives detailed qualitative and quantitative information on how the scheme operates in the three countries in question, focussing on the application of the "top-up clause" (Article 7, para. 1 and 2) that gives branches of investment firms established in other EEA states the right to joint their host countries' investor compensation schemes should they provide a higher level of cover than the country of origin. The information provided by Iceland, Liechtenstein and Norway notes that no request has so far been made for top-up clauses from other EEA states to Norway, Iceland or Liechtenstein. The full report is available on: http: //http://www.efta.int/.
EP plenary session (continued)