European Commission publishes consultation results

This consultation exercise aims to help ensure that the future revised EU Directive on capital requirements, due to come into force at the end of 2006 in parallel with the new international Basel Capital Accord (Basel II), is of the highest possible quality. The requirements of the Internal Market, together with the demands of fair competition, make it essential that the same rules should apply to all banks and investment firms in the EU. The current review of capital requirements, which is part of the EU Financial Services Action Plan, aims to update the existing framework to bring it in line with the modern financial services market, to make it more comprehensive and risk-sensitive and to foster enhanced risk management by financial institutions.

The consultation exercise was carried out at EU level directly by the Commission and at national level it was co-ordinated by the relevant supervisory authorities. It was based on an early draft of the future proposal for a Directive. The consultation period ran from 18 November 2002 to 21 February 2003 and primarily involved representative bodies and trade associations from the financial services and other sectors.

According to a statement released with the responses, the responses show continuing support for the Commission's approach together with a range of suggestions for improving the proposals. Important contributions were received from the financial services sector, as well as other sectors including small and medium size businesses and national authorities. The European Commission's services will now consider the results of the consultation before issuing a feedback statement as part of its third Consultation Paper in June.

The majority of the comments received have now been published at:

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