Consultations & legislation
02 March 2007
The EU Commission issued a draft legislative proposal to amend the supervisory review process for cross-border mergers and acquisitions in all relevant banking, insurance and securities directives on 12th September 2006.
The discussion paper below, which was published on 28th September 2006, considers the rationale for reform of the existing process, how this reform fits with the domestic consultation document issued in March this year on the reform of the UK’s controllers regime, and seeks views on the content of the Commission’s proposal. A link to the Commission proposal can be found below.
The second document below provides a summary of responses to the discussion paper and includes an initial regulatory impact assessment on the EU proposal.
The proposal is now in the final stages of negotiations between the Council, lead by the German Presidency, the European Parliament and the Commission to agree a final compromise text, which they are aiming to be approved by both the Council and the Parliament in Plenary in Spring 2007. This would allow the Directive to go through the co-decision procedure in a first reading deal - the shortest possible time period for negotiating a directive.
The documents are available below in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website . For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page .
