EU banking merger reforms approved by European Parliament |
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Published
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Tue, 13 Mar 2007 14:47
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BRUSSELS (AFX) - The European Parliament said it has approved a first reading of the changes designed to make the European directive on banking mergers more transparent and effective.The proposals should now enter force without further changes, having been agreed in informal negotiations with the Council.Current EU rules allow national regulators to block proposed mergers if they consider that the 'sound and prudent management' of the bank may be jeopardised.However, the Parliament says there is 'concern' that this process sometimes 'acts a barrier to cross-border mergers and acquisitions'.Under the new rules, supervisory authorities now have 60 working days to clear any acquisition and 'sound and prudent management' is limited to five criteria.It also forbids member states from 'gold-plating' the proposals, i.e. they may not impose more stringent requirements than those set out in the directive.frances.robinson@afxnews.comfr/ambCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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