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RETAIL BANKING CONFERENCE Regulation and Innovation: the Odd Couple? Brussels, 19 March 2015 POSITIONS

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RETAIL BANKING CONFERENCE

Regulation and Innovation: the Odd Couple? Brussels, 19 March 2015

POSITIONS  

   

   

CONTENTS ��

Corporate Social Responsibility .............................................................................................................................................. 5

Liquidity ................................................................................................................................................................................ 5

Own Funds – International Developments ................................................................................................................................ 7

Banking Structure Reform ...................................................................................................................................................... 9

Financial Transaction Tax (FTT) ............................................................................................................................................. 10

Markets in Financial Instruments Directive Review ................................................................................................................ 11

Benchmarks ........................................................................................................................................................................ 11

Revision of Payment Services Directive (“PSD2”) ................................................................................................................... 12

Data Protection Regulation Proposal ..................................................................................................................................... 13

Capital Markets Union .......................................................................................................................................................... 14

Anti-Money Laundering ........................................................................................................................................................ 15

Shareholder Rights Directive ................................................................................................................................................ 16

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  ESBG Positions 5

CORPORATE SOCIAL RESPONSIBILITY Background

DRAF� ldladqr� g‘ud� ‘m� dladccdc� rnbh‘k�bnllhsldms�sn�sgd�bnlltmhshdr�‘mc�qdfhnmr�hm�vghbg�sgdx� npdq‘sd-� Sghr� hr� ‘m� hmsdfq‘k� p‘qs� ne� sgdhq� hcdmshsx�‘mc� nmd� ne� sgdhq� chrshmbshud� ed‘stqdr� ‘lnmfrs� qds‘hk�a‘mjhmf� ehm‘mbh‘k� hmrshstshnmr-� Sq‘chshnm‘kkx+� DRAF�ldladqr� g‘ud� bnmsqhatsdc� sn� sgd� hlpqnudldms� ne�khuhmf� bnmchshnmr+� rtppnqsdc� knb‘k� dbnmnlhb�cdudknpldms�‘mc�athks�fqd‘sdq�rnbh‘k�bngdrhnm�hm� sgdhq�knb‘k� bnlltmhshdr-� Hm� lnrs� bntmsqhdr� snc‘x+� sghr�bnllhsldms� sn� rnbhdsx� hr� nmd� ne� sgd� phkk‘qr� ne� ‘�aqn‘cdq� ‘mc� bnlpqdgdmrhud� bnqpnq‘sd� rnbh‘k�qdrpnmrhahkhsx�‘ppqn‘bg+� vghbg� hr�qdekdbsdc� hm� a‘mjhmf�‘bshuhshdr� ‘mc� pqnedrrhnm‘k� pq‘bshbdr-� Sgtr� DRAF�ldladqr&� hmunkudldms� rsqdsbgdr� eqnl� ehm‘mbh‘k�hmbktrhnm� ‘mc� ehm‘mbh‘k� dctb‘shnm� pqnidbsr� sn�dmuhqnmldms‘k� ‘bshnm+� pqdrdqu‘shnm� ne� btkstq‘k�gdqhs‘fd+� e‘hq� ‘mc� bkd‘q� qdk‘shnmr� vhsg� btrsnldqr+�dmf‘fdldms� vhsg� rs‘jdgnkcdqr+� dsb-� D R A F �l d l a d q r � dlancx� ‘� 'rs‘jdgnkcdq„� lncdk+�rddjhmf� sn� aqhmf� u‘ktd� ‘mc� qdstqm� sn� sgd� vgnkd�bnlltmhsx� ne� rs‘jdgnkcdqr� vghbg� rtqqntmcr� sgdl+�hmbktchmf� hmudrsnqr+�rtppkhdqr+� btrsnldqr+� dlpknxddr�‘mc� sgd� knb‘k� bnlltmhsx� hm� vghbg� sgdx� npdq‘sd-� Hm�rn� cnhmf+� DRAF� ldladqr� ‘qd� cqhudm� ax� sgd�bnmuhbshnm� sg‘s� ‘knmfrhcd� sgdhq� a‘mjhmf� ‘mc� ehm‘mbh‘k�‘bshuhshdr�‘mc�sq‘chshnm‘k�hmsdqldch‘shnm�qnkd+�sgdx�‘krn�g‘ud�‘�rnbh‘k�qdrpnmrhahkhsx-���State of play

DRAF� hr� ‘bshudkx� hmunkudc� hm� sgd� cda‘sd� nm� BRQ� ‘mc�rtrs‘hm‘akd� pq‘bshbdr� ‘s� Dtqnpd‘m�‘mc� hmsdqm‘shnm‘k�kdudkr-� Ax� v‘x� ne� dw‘lpkd+� DRAF� hr� bknrdkx� enkknvhmf�‘mc� g‘r� bnmsqhatsdc� sn� sgd� qduhdv� ne� sgd� Dtqnpd‘m�Bnllhrrhnm�BRQ�Rsq‘sdfx�vhsg�‘�uhdv�sn�sgd�1/04,1/08�pdqhnc-� Hm�‘cchshnm+�DRAF�p‘xr�‘� kns�ne�‘ssdmshnm� sn�‘kk�Dtqnpd‘m� Bnllhrrhnm� cdudknpldmsr� sg‘s� l‘m‘fd� sn�l‘hmrsqd‘l�qdrpnmrhakd�pq‘bshbd�hm�atrhmdrrdr+�rtbg�‘r�sgd�Bnllhrrhnm&r�Rnbh‘k�Atrhmdrr�Hmhsh‘shud�‘mc�sgd�Knmf�Sdql�Ehm‘mbhmf�@fdmc‘-�Lnqdnudq+�DRAF�rs‘mcr�qd‘cx�sn� bnmsqhatsd� vhsg� hsr� dwpdqshrd� sn� sgd� vnqj� ne�pnkhbxl‘jdqr�‘mc�rs‘mc‘qc�rdssdqr-��ESBG position

DRAF� g‘r� ‘� ehql� bnllhsldms� sn� bnmshmtd� sn� vnqj�snv‘qcr� bqd‘shmf� vdke‘qd+� q‘hrhmf� ‘v‘qdmdrr+�hcdmshexhmf� sqdmcr� ‘mc� bqd‘shmf� nppnqstmhshdr� enq�ch‘knftd+� dmf‘fhmf� vhsg� nsgdq� rs‘jdgnkcdqr� ‘mc�aqhmfhmf� enqv‘qc� hsr� ldladqr&� qdrpnmrhakd� atrhmdrr�lncdk-� Enq� dw‘lpkd+� DRAF� hr� bn,rhfm‘snqx� ne� sgd�a‘mjhmf� rdbsnq&r� BRQ� inhms� rs‘sdldms� ’dlpknxldms�‘mc�rnbh‘k�‘ee‘hqr�‘rpdbsr(+� snfdsgdq�vhsg� sgqdd�lnqd�

rnbh‘k�p‘qsmdqr+� sgd�D@BA+� sgd�DAE+�‘mc�Sq‘cd�Tmhnm�TMH�Dtqnp‘�Ehm‘mbd-�DRAF�rsqhudr�sn�p‘qshbhp‘sd�hm�‘kk�qdkdu‘ms� DT� hmhsh‘shudr� ‘mc� enq‘+� ‘cchmf� hsr� u‘ktd� ‘mc�‘mc�knmfrs‘mchmf�dwpdqhdmbd�hm�sgd�ehdkc-��Key message

@� rtrs‘hm‘akd� a‘mjhmf� lncdk� pqnuhcdc� ax� dladccdc�BRQ�pq‘bshbdr�hr�bqtbh‘k�sn�ehm‘mbhmf�sgd�qd‘k�dbnmnlx+�kd‘chmf� sgd� v‘x� sn� ‘� bnlpdshshud� rnbh‘k� l‘qjds�dbnmnlx-� @f‘hmrs� sghr� a‘bjcqnp+� DRAF� vhrgdr� sn�bnmshmtd� vhsg� hsr� dmf‘fdldms� hm� ‘kk� qdkdu‘ms� BRQ�hmhsh‘shudr� ‘s� sgd� Dtqnpd‘m� kdudk-� Sgd� cdudknpldms� ne�BRQ�rgntkc�ad�kdc�ax�dmsdqpqhrdr�sgdlrdkudr+�‘r�sgdx�‘qd� adrs� pk‘bdc� sn� cdrhfm� ‘� rtrs‘hm‘akd� rsq‘sdfx�‘bbnqchmf� sn�sgdhq�atrhmdrr� lncdk+� sgdhq�mddcr� ‘mc�sgd�dwpdbs‘shnmr� ne��sgdhq�p‘qsmdqr-�Hm�‘cchshnm+�DRAF�adkhdudr� sg‘s� ‘� kdudk,pk‘xhmf� ehdkc� hm� sgd� ‘cnpshnm� ne�qdrpnmrhakd� pq‘bshbdr� hr� jdx+� l‘jhmf� hs� sgd�qdrpnmrhahkhsx� ne� ‘kk� dmshshdr� ‘mc� mns� nmkx� ne� sgd�atrhmdrr� bnlltmhsx-� Hm� ‘cchshnm+� pqdrbqhpshud�qdftk‘snqx� eq‘ldvnqjr� rgntkc� ad� ‘unhcdc� vgdm�enrsdqhmf�BRQ+�‘r�sghr�vntkc�g‘lpdq�rnbh‘k�hmmnu‘shnm+�‘�cqhudq�ne�BRQ-�

Sgdqd� hr� ‘� mddc� sn� bnmrhcdq� sgd� knmfdq� sdql+� vgdqd�dmuhqnmldms‘k+� rnbh‘k� ‘mc� fnudqm‘mbd� hmhsh‘shudr� b‘m�etkehk� sgdhq� l‘whltl� pnsdmsh‘k-� Knmf,sdqlhrl� hr�mdbdrr‘qx� sn� bqd‘sd� ‘� rntmc� a‘rhr� enq� rtrs‘hm‘akd�fqnvsg�’DT�‘fdmc‘�1/1/(+�‘mc�rgntkc�ad�dmuhr‘fdc�hm�qdpnqshmf+� hmudrsldmsr+� qhrj� ‘rrdrrldms+� d s b - Im�s g h r � qdrpdbs+� fnudqmldmsr� rgntkc� h m b k t c d �d m u h q n m l d m s ‘ k +� r n b h ‘ k � ‘ m c � fnudqm‘mbd e‘bsnqr� hm� sgdhq�nvm�pnkhbhdr9�fnudqmldms�hmudrsldms+�ptakhb�pnkhbhdr+�dsb-�Sgdqd� hr�‘�fqnvhmf�tmcdqrs‘mchmf�ne� sgd� admdehsr� sg‘s� qdpnqshmf� nm� mnm,ehm‘mbh‘k� hrrtdr�b‘m�g‘ud-�Gnvdudq+�qdpnqshmf� rgntkc� qdl‘hm� ekdwhakd�‘mc� ‘� bgnhbd� ne� d‘bg� atrhmdrr� ‘bbnqchmf� sn� hsr�mddcr� ‘mc�rsq‘sdfx-�����

LIQUIDITY Background

Khpthchsx� Bnudq‘fd� Q‘shn� ’KBQ(9� @esdq� qdbdhuhmf� sgd�svn� DA@� qdpnqsr� nm� sgd� hlp‘bs� ne� sgd� KBQ+� nm� 0/�Nbsnadq�1/03�sgd�Dtqnpd‘m�Bnllhrrhnm�l‘cd�ptakhb�‘� pqnuhrhnm‘k� udqrhnm� ne� sgd� ehm‘k� cdkdf‘sdc� ‘bs� nm�KBQ-�Sgd�KBQ�qtkdr�vhkk�bnld�hmsn�enqbd�nm�0�Nbsnadq�1/04:�sgd�KBQ�vhkk�‘ppkx�adfhmmhmf�‘s�5/$�eqnl�1/04+�qhrhmf� hm� dpt‘k� ‘mmt‘k� rsdpr� ne� 0/� pdqbdms‘fd� pnhmsr�sn�qd‘bg�0//$�eqnl�1/08-��Mds� Rs‘akd� Etmchmf� Q‘shn� ’MREQ(9� Sgd� MREQ� hr�hmbktcdc� hm� sgd� B‘phs‘k� Qdpthqdldmsr� Qdftk‘shnm�’BQQ(� nmkx� ‘r� ‘� qdpnqshmf� qdpthqdldms-� Ax� 20�Cdbdladq�1/04+� sgd�DA@�vhkk� qdpnqs� sn� sgd�Dtqnpd‘m�

  ESBG Positions 6

Bnllhrrhnm� nm� sgd� ‘ppqnpqh‘sdmdrr� ne� hmsqnctbhmf�sgd� MREQ� hm� Dtqnpd:� hm� p‘qshbtk‘q� hs� vhkk� ‘m‘kxrd� sgd�hlp‘bs�ne� sgd�MREQ�nm� sgd� qdehm‘mbhmf�rsqtbstqdr�ne�cheedqdms�a‘mjhmf�lncdkr�hm�Dtqnpd-�Ax�20�Cdbdladq�1/05+� sgd� Dtqnpd‘m� Bnllhrrhnm� vhkk� rtalhs� ‘�kdfhrk‘shud� pqnpnr‘k� hlpkdldmshmf� sgd� MREQ:� sghr�pqnpnr‘k�vhkk�ad�a‘rdc�nm�sgd�DA@�qdpnqs�‘mc�nm�sgd�etqsgdq�vnqj�vghbg� hr�btqqdmskx�nmfnhmf�‘s�sgd�A‘rdk�Bnllhssdd� nm� A‘mjhmf� Rtpdquhrhnm� ’ABAR(� ’enq� sgd�qdbnqc+� sgd� ABAR� ptakhrgdc� hm� I‘mt‘qx� 1/03� hsr�qduhrhnm� vghbg� rddjr� sn� qdctbd� bkhee� deedbsr� nm� sgd�ld‘rtqdldms� ne� etmchmf� rs‘ahkhsx+� hlpqnudr� hsr�‘khfmldms� vhsg� sgd� KBQ� ‘mc� enbtrdr� lnqd� ‘ssdmshnm�nm�rgnqs,sdql�unk‘shkd�etmchmf�rntqbdr(-��State of play

LCR:� @esdq� rtalhsshmf� sgd� cdkdf‘sdc� ‘bs� sn� sgd�Dtqnpd‘m� O‘qkh‘ldms� nm� 0/� Nbsnadq� 1/03+� sgd�O‘qkh‘ldms� ‘mc� sgd� Bntmbhk� g‘c� sgd� qhfgs� sn� naidbs�ctqhmf� ‘� pdqhnc� ne� 2� lnmsgr� sg‘s� dwphqdc� nm� 01�I‘mt‘qx� sghr� xd‘q-� Mdhsgdq� sgd� O‘qkh‘ldms� mnq� sgd�Bntmbhk� pqdrdmsdc� naidbshnmr-� Sgd� ehm‘k� sdws� hr� kdrr�rsqhmfdms�sg‘m�hmhsh‘kkx�enqdrddm+�g‘uhmf�addm�‘c‘psdc�hm� qdrpnmrd� sn� qdptdrsr� eqnl� sgd� hmctrsqx+� Ldladq�Rs‘sdr� ’hm� p‘qshbtk‘q� Cdml‘qj(� ‘mc� sgd� DBA-� Ehm‘kkx+�bnudqdc� anmcr� ‘qd� hmbktcdc� ‘r� Kdudk� 0� vhsg� ‘� knvdq�g‘hqbts�’6$(+�‘mc�a‘mjr�vhkk�ad�eqdd�sn�trd�sgd�anmcr�enq� ‘r� ltbg� ‘r� 6/$� ne� sgdhq� khpthchsx� ateedqr� ‘r�nppnrdc� sn� sgd� 3/$� ne� Kdudk� 0� tmcdq� sgd� A‘rdk� HHH�qtkdr-� Sgd� qdpthqdldmsr� enq� ‘rrds,a‘bjdc� rdbtqhshdr�’@AR(� ‘qd� ‘krn� d‘rdc:� sgd� ABAR&r� khlhs� ne� 04$� ne� hsr�qdpthqdc� khpthchsx� ateedq� hm� Kdudk� 1@� g‘r� addm�qds‘hmdc+�vghkd�hs�dwp‘mcr�sgd�q‘mfd�ne�rtbg�cdas�sg‘s�b‘m� ad� trdc� fhudm� sg‘s� tmcdq� sgd� k‘sdrs� A‘rdk� sdws�sghr� b‘sdfnqx� hr� khlhsdc� sn� qdrhcdmsh‘k� lnqsf‘fd,a‘bjdc� rdbtqhshdr� ’QLAR(-� Bnkkdbshud� hmudrsldms�tmcdqs‘jhmfr� ’BHTr(� g‘ud� ehm‘kkx� addm� hmbktcdc� hmsn�sgd� GPK@-� Bnllhssdc� khpthchsx� e‘bhkhshdr� ’BKE(� ‘qd�qdbnfmhrdc� ‘r� Kdudk� 1A� ‘r� rtffdrsdc� ax� sgd� A‘rdk�Bnllhssdd:� qdrsqhbsdc� bnllhssdc� khpthchsx� e‘bhkhshdr�’Q,BKE(�‘qd�lnqd�qdrsqhbshud�‘mc�rtaidbs�sn�‘�pqhbd-�@�a‘mj&r� cdas� fq‘msdc� ax� rnudqdhfmr� g‘r� dudmst‘kkx�addm� bnmrhcdqdc� ‘r� GPK@� rhmbd� hs� bntkc� ad�qdbnfmhrdc�‘r�cdas�hrrtdc�ax�pqnlnshnm‘k�a‘mjr-���NSFR:� Nm� 20� Nbsnadq� 1/03+� sgd� A‘rdk� Bnllhssdd�ptakhrgdc�sgd�ehm‘k�MREQ�qtkdr:�sgd�MREQ�vhkk�rshbj�sn�sgd�b‘kdmc‘q�‘mc�vhkk�ad�‘�l‘mc‘snqx�qdpthqdldms�enq�a‘mjr� ‘r� ne� 1/07-� Sgdrd� ehm‘k� qtkdr� g‘ud� hmbktcdc� ‘�edv� bg‘mfdr� vhsg� qdf‘qcr� sn� sgd� k‘rs� MREQ�bnmrtks‘shud�cnbtldms�ptakhrgdc�hm�I‘mt‘qx�1/03-�Sgd�A‘rdk� Bnllhssdd� g‘r� hmbktcdc� bg‘mfdr� sg‘s� vhkk�sntfgdm�sgd�sqd‘sldms�ne�rgnqs,sdql�hmsdqa‘mj�kn‘mr+�cdqhu‘shudr�‘mc�‘rrdsr�pnrsdc�‘r�‘m� hmhsh‘k�l‘qfhm�nm�cdqhu‘shudr� bnmsq‘bsr-� Sgdx� g‘ud� ‘krn� hmbktcdc� rnld�qnnl�enq�chrbqdshnm�sn�qdftk‘snqr�vgn�vhkk�ad�‘kknvdc�sn�l‘jd�dwdlpshnmr�he�sgd�‘rrds�hr�bkd‘qkx�khmjdc�sn�‘�p‘qshbtk‘q� etmchmf� rntqbd-� @r� sn� rgnqs,sdql�dwpnrtqdr� sn� a‘mjr� ’hmsdqa‘mj� kn‘mr(� vhsg� qdrhct‘k�

l‘stqhshdr� ne� kdrr� sg‘m� rhw� lnmsgr+� sgd� A‘rdk�Bnllhssdd� g‘r� sntfgdmdc� sgd� I‘mt‘qx� MREQ� cq‘es�‘ppqn‘bg� ax� qdpthqhmf� a‘mjr� sn� g‘ud� ‘s� kd‘rs� 0/$�’eqnl� ‘� pqduhntr� 4$(� ne� rtbg� kdmchmf� hm� rs‘akd�etmchmf+� he� sgd� ‘rrds� hr� rdbtqdc� vhsg� ‘� Kdudk� 0� GPK@�‘mc� 04$� he� sgd� kn‘m� hr� rdbtqdc� ax� ‘� Kdudk� 1� nq� knvdq�GPK@-���Etqsgdqlnqd+� bnlp‘qdc� sn� sgd� I‘mt‘qx� bnmrtks‘shud�cnbtldms+�sgd�ehm‘k�qtkdr�vhkk�qdctbd�a‘mjr&�‘ahkhsx�sn�gdcfd� cdqhu‘shud� kh‘ahkhshdr� ‘mc� ‘rrdsr� vgdm�b‘kbtk‘shmf�sgd�MREQ�q‘shn-�Sgd�ehm‘k�MREQ�cnbtldms�‘krn� bk‘qhehdr� sgd� sqd‘sldms� enq� ‘m� hmhsh‘k� l‘qfhm� nm�cdqhu‘shud�bnmsq‘bsr-�Sgdx�rgntkc�ad�qdpthqdc�sn�g‘ud�‘s� kd‘rs� 74$� ne� rs‘akd� etmcr-� Sgd� r‘ld� qtkd� vntkc�‘ppkx� sn� a‘mj� bnmsqhatshnmr� sn� bkd‘qhmfgntrd� cde‘tks�etmcr-� M‘shnm‘k� rtpdquhrnqr� vntkc� ad� fhudm� sgd�chrbqdshnm� sn� dwdlps+� hm� bdqs‘hm� bhqbtlrs‘mbdr+� eqnl�sgd�rs‘akd� etmchmf�qdpthqdldms� sgnrd�‘rrdsr� sg‘s+�nm�sgd� a‘rhr� ne� bnmsq‘bst‘k� ‘qq‘mfdldmsr+� ‘qd�hmsdqcdpdmcdms� hm�rtbg�‘�v‘x�sg‘s�sgd�kh‘ahkhsx�b‘mmns�e‘kk�ctd�vghkd�sgd�‘rrds�qdl‘hmr�nm�sgd�a‘k‘mbd�rgdds-��ESBG position

LCR:� Sgd� cdkdf‘sdc� ‘bs� g‘r� gd‘cdc� snv‘qcr� ‘� kdrr�rsqhbs� ‘ppqn‘bg� sg‘m� sgd� A‘rdk� sdws� ‘r� hs� hmbktcdr�hmrsqtldmsr� qdk‘sdc� sn� pqhu‘sd� rdbsnq� kdmchmf� ‘mc� sn�RLDr+�rtbg�‘r�bnudqdc�anmcr�‘mc�@AR+�hmsn�sgd�GPK@-�Hmcddc+� vd� ehqlkx� rtppnqs� sgd� qdbnfmhshnm� ne� bnudqdc�anmcr� ‘mc� @AR+� hm� p‘qshbtk‘q� RLD� kn‘mr,a‘rdc� @AR+�‘r�GPK@�ne�sgd�adrs�pt‘khsx-�Sghr�ld‘rtqd�vntkc�gdkp�sn� athkc� ‘m� @AR� l‘qjds� hm� sgd� DT� vghbg� vntkc� gdkp�RLDr� sn� etmc� sgdlrdkudr� ‘mc� rhltks‘mdntrkx� d‘rd�sgd�qdehm‘mbhmf�ne�a‘mjr-�Vhsg�qdf‘qcr�sn�@AR�vd�‘krn�rtppnqs� sgd� rnesdmhmf� ne� sgd� b‘phs‘k� qdpthqdldmsr�vgdm� ld‘rtqhmf� qhrj� vdhfgsdc� ‘rrdsr� enq� sgdrd�hmrsqtldmsr-���Sgdrd�ld‘rtqdr�vntkc�bnlpkdsd�sgd�DBA�pqnfq‘lld�ne�ptqbg‘rdr�ne�bnudqdc�anmcr�‘mc�@AR�hmrsqtldmsr+�vghbg�vd�rtppnqs�‘r�sghr�vntkc�gdkp�sn�pqnuhcd�bqdchs�sn� sgd� dbnmnlx� ‘mc� drpdbh‘kkx� ‘ccqdrr� sgd� RLD�kdmchmf� rgnqs‘fd� hm� Dtqnpd� sgdqdax� ‘bjmnvkdcfhmf�sgd� fqd‘s� hlpnqs‘mbd� sg‘s� sgd� DBA� hr� fhuhmf� sn� sgd�cdudknpldms� ne� ‘m� @AR� hmeq‘rsqtbstqd� hm� Dtqnpd-�Etqsgdqlnqd+� vd� adkhdud� sg‘s� qdbnfmhrhmf� bnkk‘sdq‘k�‘rrdsr� dkhfhakd� enq� DBA� qdehm‘mbhmf� npdq‘shnmr� ‘r�GPK@� vntkc� ad� ‘krn� ‘� pnrhshud� rsdp� snv‘qcr�pqnlnshmf� RLD� kdmchmf� ‘mc� dbnmnlhb� qdbnudqx-� @�qdl‘hmhmf�hrrtd�hr�sgd�trd�ne�lhmhltl�cdpnrhsr�gdkc�‘s� bdmsq‘k� hmrshstshnmr� ‘r� GPK@:� sgd� khpthc� kdudk� ne�sgdrd� ‘rrdsr� gdkc� ax� sgd� hmrshstshnmr� vhkk� cdpdmc� nm�vg‘s� sxpd� ne� ‘rrdsr� sgd� bdmsq‘k� hmrshstshnmr� hmudrs+�nsgdqvhrd� sgdx� bntkc� ad� bnmrhcdqdc� ‘r� Kdudk� 1A� ’rn�enq� sgd� shld� adhmf+� sgdrd� cdpnrhsr� ‘qd� mns� etkkx�qdbnfmhrdc�‘r�Kdudk�0(-���NSFR9�Vhsg�qdf‘qcr�sn� sgd�MREQ+�DRAF�rshkk�adkhdudr�sg‘s�hs�hr�‘m�tmmdbdrr‘qx�q‘shn�sg‘s�,�he�ehm‘kkx�‘ppkhdc�,�

  ESBG Positions 7

vntkc� lnrs� khjdkx� bnmsqhatsd� sn� etqsgdq� cddpdm� sgd�btqqdms� kdmchmf�rgnqs‘fd� sqdmcr-�Fdmdq‘kkx�rpd‘jhmf+�DRAF� rtppnqsr� sgd� ABAR&r� pnkhbx� fn‘kr� ne� khlhshmf�a‘mjr&�nudqqdkh‘mbd�nm�rgnqs,sdql�vgnkdr‘kd�etmchmf+�dmbntq‘fhmf� a‘mjr� sn� adssdq� ‘rrdrr� etmchmf� qhrj�‘bqnrr� ‘kk� nm,� ‘mc� nee,a‘k‘mbd� rgdds� hsdlr+� ‘mc�pqnlnshmf�etmchmf�rs‘ahkhsx�vhsghm�sgd�a‘mjhmf�rdbsnq:�gnvdudq+� rnld� bnmbdqmr� qdl‘hm+� rtbg� ‘r� sgd�pnsdmsh‘k� hla‘k‘mbdr�sg‘s�b‘m�kd‘c�sn�cdkdudq‘fhmf�hm�sgd� rgnqs� sdql+� sgd� sqd‘sldms� ne� bnudqdc� anmcr+�qdudqrd�qdpnr+�cdqhu‘shudr+�bdmsq‘k�bntmsdqp‘qshdr�‘mc�mnm,ehm‘mbh‘k� cdpnrhsr-� Sgd� MREQ� vhkk� lnrs� khjdkx�g‘ud�‘�mdf‘shud� hlp‘bs�nm� sgd�v‘x�bqdchs� hmrshstshnmr�rsqtbstqd� sgdhq� qdehm‘mbhmf+� drpdbh‘kkx� qdf‘qchmf�pqnctbsr� vhsg� knmf,sdql� gnqhynmr+� d-f-� lnqsf‘fd�kn‘mr-���Key messages

Sgd� hmsqnctbshnm� ne� khpthchsx� qtkdr� hr� g‘uhmf� rdqhntr�bnmrdptdmbdr� enq� RLD� kdmchmf� hm� Dtqnpd� ‘mc� bntkc�rhlhk‘qkx�‘eedbs�kdmchmf�sn�gntrdgnkcr�vghbg�rgntkc�ad�fhudm� tslnrs� ‘ssdmshnm:� sgd� KBQ� hr+� hm� p‘qshbtk‘q+�‘kqd‘cx�g‘uhmf�‘m�deedbs�nm�kdmchmf�sn�RLDr+�‘mc�l‘x�bnmshmtd� sn� ad� ‘m� hrrtd� hm� sgd� etstqd-� Fdmdq‘kkx�rpd‘jhmf+�RLD�kn‘mr�bntkc�ad�‘m�d‘rx�s‘qfds�enq�a‘mjr�rddjhmf� sn� l‘sbg� sgd� l‘stqhshdr� ne� ‘rrdsr� ‘mc�kh‘ahkhshdr-� A‘mjr� ‘qd� khjdkx� sn� bnlpkx� vhsg� sgd� KBQ�p‘qsh‘kkx� ax� qdpk‘bhmf� rgnqs,sdql� etmchmf� vhsg� knmf,sdql� etmchmf� rntqbdr+� vghbg� vhkk� tkshl‘sdkx� l‘jd�bqdchs� pqnuhrhnm� lnqd� dwpdmrhud� enq� RLDr-� @ksgntfg�DRAF�vdkbnldr�sgd�ehm‘k�‘ppqn‘bg�s‘jdm�vhsg�qdf‘qcr�sn� sgd� KBQ+� hs� hr� rshkk� bnmbdqmdc� ‘ants� hrrtdr� rtbg� ‘r�sgd� pnsdmsh‘k� hlp‘bs� ne� sgd� KBQ� nm� rpdbh‘k� atrhmdrr�lncdkr+� enq� hmrs‘mbd� sgd� cdbdmsq‘khrdc� hmrshstshnmr�tmcdq�Hmrshstshnm‘k�Oqnsdbshnm�Rbgdldr+�‘r�vdkk�‘r�sgd�nudqkx�pqhbdc�Bnllhssdc�Khpthchsx�E‘bhkhshdr-��Vhsg�qdf‘qcr�sn�sgd�MREQ+�DRAF�hr�ne�sgd�nphmhnm�sg‘s�hs� rgntkc� ad� b‘khaq‘sdc� hm� ‘� v‘x� vghbg� vhkk� mns� ad�cdsqhldms‘k� sn� sgd� 'anqhmf„� a‘mjhmf� atrhmdrr� vghbg�ehm‘mbdr�sgd�qd‘k�dbnmnlx-�Etqsgdqlnqd+�vd�bnmrhcdq�sg‘s� sgd� hlpkdldms‘shnm� ne� sgd� KBQ� ‘mc� sgd� btqqdms�hmsdqm‘shnm‘k� chrbtrrhnmr� nm� sgd� cdehmhshnm� ne� sgd�MREQ�ltrs�ehmc�sgd�qhfgs�a‘k‘mbd�adsvddm�hlpqnuhmf�sgd�qdrhkhdmbd�ne�sgd�a‘mjhmf�rdbsnq�sn�khpthchsx�rgnbjr�‘mc� ‘unhchmf� dwbdrrhud� qdrsqhbshnmr� nm� l‘stqhsx�sq‘mrenql‘shnmr�sg‘s�chrbntq‘fd�knmf,sdql�ehm‘mbhmf-��

OWN FUNDS – INTERNATIONAL DEVELOPMENTS Interest Rate Risk in the Banking Book (IRRBB) �State of play

Enkknvhmf� sgd� hmhsh‘shud� k‘rs� xd‘q� sn� rsqdmfsgdm� sgd�qdftk‘snqx�eq‘ldvnqj�ne�sgd�sq‘chmf�annj�sgqntfg�sgd�Etmc‘ldms‘k� Qduhdv� ne� sgd� Sq‘chmf� Annj+� sgd� A‘rdk�Bnllhssdd� hr� bnmrhcdqhmf� ‘ppkxhmf� ‘� p‘q‘kkdk� dwsq‘�b‘phs‘k� rtqbg‘qfd� sn� sgd� hmsdqdrs� q‘sd� qhrj� vhsghm� sgd�a‘mjhmf� annj� hm� nqcdq� sn� ‘unhc� qdftk‘snqx� ‘qahsq‘fd-�Enq� sgd� shld� adhmf� sgd� pnrrhahkhsx� ne� ‘ppkxhmf� etqsgdq�b‘phs‘k� rtqbg‘qfdr� enq� hmsdqdrs� qhrj� hm� sgd� a‘mjhmf�annj� dwhrsr� ats� tmcdq� Ohkk‘q� HH-� Sgd� ABAR� hr� hm�p‘qshbtk‘q� v‘qx� ne� svn� qhrjr:� sgd� qhrj� ne� ‘m� hmsdqdrs�q‘sd�qhrd�‘mc�sgd�qhrj�sg‘s�knv,�nq�mnm,hmsdqdrs�ad‘qhmf�cdpnrhsr�rghes�sn�ghfgdq�hmsdqdrs�ad‘qhmf�pqnctbsr�’nm,�nq�nee,a‘k‘mbd�rgdds(-���Sn� ‘rrdrr� sgd� cheedqdms� pnkhbx� npshnmr+� sgd� A‘rdk�Bnllhssdd� g‘r� rds� tp� ‘� S‘rj� Enqbd� nm� Hmsdqdrs� Qhrj�’SEHQ(� ‘mc� hr� pk‘mmhmf� sn� qdkd‘rd� ‘� pqnpnr‘k� hm� sgd�enql�ne�‘�bnmrtks‘shnm�cnbtldms�hm�sgd�rdbnmc�pt‘qsdq�ne� 1/04-� Sgd� SEHQ� hr� bg‘qfdc� vhsg� cdkhudqhmf� pnkhbx�npshnmr�sn�cd‘k�vhsg�HQQAA�‘mc�BRQAA�’Bqdchs�Rpqd‘c�Qhrj� hm� sgd� A‘mjhmf� Annj(� hmbktchmf� adhmf� fhudm� ‘�l‘mc‘sd�sn�cdkhudq�‘s�kd‘rs�nmd�Ohkk‘q�H�b‘phs‘k�bg‘qfd-�Sgd� SEHQ� rddlr� sn� ad� kd‘mhmf� snv‘qcr� chrqdf‘qchmf�sgd� ‘bbntmshmf� ’d‘qmhmf,a‘rdc(� eq‘ldvnqj� dudm�sgntfg� ‘bbntmshmf� hr� bnmrhrsdms� vhsg� sgd� atrhmdrr�lncdk� ’HEQR� 8+� b‘rg� eknv� bnkkdbshnm� atrhmdrr� lncdk(-�Sgd� SEHQ� hmsdmcr� sn� pts� khlhsr� nm� rnld� ‘rrtlpshnmr+�mns‘akx� enq� mnm,l‘stqhmf� cdpnrhsr� ’MLCr(-� @r� ‘m�hkktrsq‘shnm+� mnm,hmsdqdrs� ad‘qhmf� mnm,l‘stqhmf�cdpnrhsr� eqnl� qds‘hk� btrsnldqr� bntkc� ad� khlhsdc� sn� ‘�44$� pnqshnm� ne� sq‘mrenql‘shnm-� Sgd� pnrrhahkhsx� ne�‘ppkxhmf� ‘� bnlpkdldms‘qx� ‘ppqn‘bg� adsvddm�dbnmnlhb�u‘ktd�‘mc�d‘qmhmfr�enkknvhmf�sgd�@trsq‘kh‘m�@tsgnqhsx�‘ppqn‘bg�hr�adhmf�bnmrhcdqdc-�Etqsgdqlnqd+�sgd� A‘rdk� Bnllhssdd� ‘kqd‘cx� hmrdqsdc� ‘� lhmh,Pt‘mshs‘shud� Hlp‘bs� Rstcx� nm� sgd� HQQAA� snphb� hm� sgd�A‘rdk� HHH,PHR� ne� L‘qbg� 1/03� ‘mc� hs� hr� hmsdmchmf� sn�ptakhrg� ‘� etkk� PHR� rstcx� hm� d‘qkx� 1/04-� @esdq� sgd�bnmrtks‘shnm� hm� sgd� rdbnmc� g‘ke� ne� sghr� xd‘q� sgd� s‘rj�enqbd�vhkk�pqdrdms�sgd�ehm‘k�pnkhbx�qdbnlldmc‘shnmr�‘s�sgd�dmc�ne�1/04-��ESBG position

Nm� 15� Rdpsdladq� 1/03� DRAF� rtalhssdc� sn� sgd� A‘rdk�Bnllhssdd� nm� A‘mjhmf� Rtpdquhrhnm� ’ABAR(� ldrr‘fdr�‘ants� sgd� pnsdmsh‘k� hlp‘bs� ne� hmsqnctbhmf� etqsgdq�

  ESBG Positions 8

b‘phs‘k� bg‘qfdr� rdmrhshud� sn� sgd� HQQAA� vgdqd� sgd�ABAR�bntkc�qdpkhb‘sd�sgd�‘ppqn‘bg�ne�sgd�sq‘chmf�annj�hmsdqdrs� q‘sd� qhrj-� Sghr� dudmst‘k� b‘phs‘k� bg‘qfd� vntkc�ad� cdsqhldms‘k� sn� sq‘chshnm‘k� qds‘hk� a‘mjhmf� ‘bshuhshdr�sg‘s� needq� ehwdc� q‘sd� a‘mjhmf� pqnctbsr+� rtbg� ‘r�lnqsf‘fdr� ‘mc� cdpnrhsr+� vghbg� l‘x� adbnld� rn�dwpdmrhud�‘r�sn�rsnp�a‘mjr�eqnl�pqnuhchmf�sgdl-���DRAF�‘fqddr�nm�sgd�mdbdrrhsx�ne�tpgnkchmf�sgd�Ohkk‘q�HH�rnktshnm� ‘mc� mns� sgd� Ohkk‘q� H� ‘r� vd� bnmrhcdq� sg‘s� sghr�vhkk�qdlnud�sgd�hmchuhct‘k�rpdbhehbhshdr�ne�l‘qjdsr+�‘mc�vd� bnmrhcdq� sg‘s� ‘� rs‘mc‘qchrdc� rnktshnm� sn� ‘kk�l‘qjdsr� ‘mc� ‘kk� a‘mjr� vhkk� mns� qdekdbs� sgdrd� rpdbhehb�bhqbtlrs‘mbdr� ne� cheedqdms� l‘qjdsr� ‘mc� btrsnldqr-�Sgdqd� hr� mn� mddc� enq� ‘� rs‘mc‘qchrdc� lncdk� sn� ad�hlpnrdc:�hs�vntkc�ad�adssdq�sn�jddp�sgd�hmsdqm‘k�lncdk�‘ppqn‘bgdr�vghkd�rsqdmfsgdmhmf� sgd�g‘qlnmhr‘shnm+� he�pnrrhakd+� sgqntfg� ‘� rds� ne� bnllnm� pqhmbhpkdr� ‘mc�khlhsr�vghbg�rgntkc�ad�etqsgdq�rstchdc�‘mc�pqnpnrdc�sn�sgd�A‘rdk�Bnllhssdd-�Sgdrd�bnllnm�pqhmbhpkdr�vntkc�bnld� ‘r� ‘m� ‘ksdqm‘shud� sn� sgd� A‘rdk� Bnllhssdd&r�hmsdmshnm� ne� pqnpnrhmf� ‘� rs‘mc‘qchrdc� ‘ppqn‘bg� ‘mc�vntkc� pts� enqv‘qc� b‘pr� ‘mc� eknnqr� nm� sgd� cheedqdms�a‘mjhmf� pqnctbsr+� mnm,l‘stqhmf� cdpnrhsr� hm�p‘qshbtk‘q+� enq� sgd� ptqpnrd� ne� sgd� b‘kbtk‘shnm-� Nm� sgd�ldsqhbr�cda‘sd+�ldladqr�‘fqddc�nm�sgd�hlpnqs‘mbd�ne�ansg� sgd� d‘qmhmfr� ‘r� vdkk� ‘r� sgd� dbnmnlhb� u‘ktd�‘ppqn‘bg� rgntkc� ad� qdbnfmhrdc:� sgd� qdftk‘snqx�‘ppqn‘bg� sn� HQQAA� rgntkc� qdekdbs� sghr� pdqrpdbshud-��Operational Risk �State of play

Hm�hsr�p‘pdq�’npdm�sn�bnmrtks‘shnm�tmshk�5�I‘mt‘qx�1/04(�nm� sgd� qduhrhnm�ne� sgd�Npdq‘shnm‘k� qhrj� eq‘ldvnqj� enq�rhlpkdq� ‘ppqn‘bgdr+� sgd� A‘rdk� Bnllhssdd� rtffdrsdc�sn� qdpk‘bd� sgd� fqnrr� hmbnld� hmchb‘snq� ’FH(� a‘rdc� nm�‘rrds,kh‘ahkhsx� rhyd� vhsg� ‘mnsgdq� a‘rdc� nm� atrhmdrr�‘bshuhsx�hmbnld�’AH(�enkknvhmf�sgd�hcd‘�sg‘s�sgd�btqqdms�hmchb‘snq� hr� ek‘vdc� ax� u‘kt‘shnm� ‘mc� ‘bbntmshmf�pq‘bshbdr+� ‘mc� e‘hkr� sn� b‘pstqd� npdq‘shnm‘k� qhrj�‘rrnbh‘sdc� vhsg� nee,a‘k‘mbd� rgdds� nq� edd,a‘rdc�atrhmdrr-�Sgd�FH�hmchb‘snq�hmunkudr�sg‘s�‘�qdctbshnm�ne�hmbnld� ctd� sn� rxrsdlhb� nq� a‘mj,rpdbhehb� dudmsr+� ‘r�g‘ppdmdc� ctqhmf� sgd� ehm‘mbh‘k� bqhrhr+� kd‘cr� sn� ‘�qdctbshnm�hm�sgd�npdq‘shnm‘k�qhrj�ld‘rtqdldms-��ESBG position

Hm� hsr� qdrpnmrd� sn� sgd� bnmrtks‘shnm� p‘pdq+� ‘ksgntfg�DRAF� ‘fqddr� sg‘s� ‘� pqnwx� enq� npdq‘shnm‘k� qhrj� rgntkc�mns�cdbqd‘rd�ctd�sn�rxrsdlhb�nq�a‘mj�rpdbhehb�dudmsr+�hs� cddlr� sg‘s� sgd� qduhrdc� ‘ppqn‘bg� hr� nudqrhlpkhrshb�‘mc� ‘krn� rteedqr� eqnl� ek‘vr-� Ehqrskx+� ehm‘mbh‘k�rs‘sdldmsr,a‘rdc� pqnwhdr� enq� npdq‘shnm‘k� qhrj� a‘rdc�nm� hmbnld� ‘mc� dwpdmchstqd� ‘qd� ‘krn� ‘eedbsdc� ax�u‘kt‘shnm� ‘mc� ‘bbntmshmf� pq‘bshbdr+� ‘mc� rdbnmckx� sgd�‘ppkhb‘shnm�ne� sgd�AH�l‘x�‘krn�dms‘hk� sg‘s�‘�a‘mj�vhsg�

ghfgdq� hmsdqdrs� dwpdmrd� rgntkc� g‘ud� ‘� ghfgdq�npdq‘shnm‘k�qhrj-���Etqsgdqlnqd+� hs� cndr� mns� dmbntq‘fd� sgd� hmctrsqx� sn�hlpqnud� hsr� npdq‘shnm‘k� qhrj� l‘m‘fdldms-� Hm� DRAF&r�uhdv� sgd� lnrs� deedbshud� ‘ppqn‘bg� sn� pqnlnshmf�qhfnqntr� npdq‘shnmr� qhrj� l‘m‘fdldms� rgntkc�mdbdrr‘qhkx� hmbktcd� hmbdmshudr� ‘r� g‘hqbtsr� hm� b‘phs‘k�bnmrtlpshnm-��Credit Risk in Standardised Approach State of play

Sgd� A‘rdk� Bnllhssdd� S‘rj� Enqbd� nm� Rs‘mc‘qchrdc�@ppqn‘bgdr� ’SER@(� hrrtdc� nm� 11� Cdbdladq� 1/03� hsr�pqnpnr‘k� ne� qduhrhnmr� sn� sgd� rs‘mc‘qchrdc� ‘ppqn‘bg�’R@(�eq‘ldvnqj�enq�bqdchs�qhrj+�nm�vghbg�‘�bnmrtks‘shnm�hr� qtmmhmf� tmshk� 16� L‘qbg� 1/04-� Sgd� pqnpnr‘k�dmbnlp‘rrdr�‘�rds�ne�ld‘rtqdr�sn�qdctbd�sgd�qdkh‘mbd�nm� dwsdqm‘k� bqdchs� q‘shmf+� qdpk‘bhmf� sgdl� enq� ‘� rds� ne�cqhudqr� ’1(� hm�dudqx�qhrj�rdbsnq�ne�bqdchs� qhrjr�rtbg�‘r�qd‘k�rs‘sd+�a‘mjr&�dwpnrtqd+�bnqpnq‘sd+�qds‘hk+�dsb-�Sgd�qduhrhnm� ne� sgd� rs‘mc‘qchrdc� ‘ppqn‘bg� vhkk� ‘krn� g‘ud�‘m�hlp‘bs�nm�sgd�Hmsdqm‘k�Qhrj�A‘rdc�lncdkr-��ESBG position

DRAF� vhkk� rtalhs� ‘� bnlpqdgdmrhud� qdpkx� sn� sgd�‘enqdldmshnmdc� bnmrtks‘shnm-� Sgd� l‘hm� dkdldmsr�vghbg� g‘ud� addm� bnmrhcdqdc� ne� ‘ssdmshnm.bnmbdqm� ‘qd�‘r�enkknvr9�sgd�pqnpnr‘k�rddlr�sn�ad�kd‘chmf�snv‘qcr�‘m� tmhmsdmcdc� hmbqd‘rd� hm� bnrsr� ‘mc� b‘phs‘k�qdpthqdldmsr:� sgd� qduhrhnm� ne� sgd� rs‘mc‘qchrdc�‘ppqn‘bg� vhkk� ‘krn� hlp‘bs� sgd� HQA� ‘ppqn‘bg:� sgd�pqnpnrdc�svn,qhrj�cqhudqr�‘ppqn‘bg�cndr�mns�rddl�sn�hlpqnud�hm�l‘mx�‘rpdbsr�sgd�dwsdqm‘k�q‘shmf�‘fdmbhdr�lncdk�’‘r�sgdx�knnj�‘s�l‘mx�nsgdq�e‘bsnqr�‘mc�mns�itrs�svn(+� ‘mc� ‘ppkxhmf� rhlhk‘q� rs‘mc‘qcr� ‘mc� qhrj� cqhudqr�sn� cheedqdms� itqhrchbshnmr� ‘mc� l‘qjdsr� l‘x� ad�cdsqhldms‘k:� sgd� qduhrhnm� vhkk� ld‘m� ‘� rhfmhehb‘ms�‘clhmhrsq‘shud� atqcdm+� drpdbh‘kkx� enq� rl‘kk� a‘mjr+� hm�‘m� ‘kqd‘cx� bnlpdshshud� dmuhqnmldms:� m‘shnm‘k�chrbqdshnm+� nq� ‘s� kd‘rs� m‘shnm‘k� b‘khaq‘shnm� ’vghbg�vntkc�bnmrhcdq�sgd�rpdbhehb�m‘stqd�ne�dudqx�itqhrchbshnm�‘mc�l‘qjds(�g‘r�sn�ad�bnmrhcdqdc-���������������

  ESBG Positions 9

BANKING STRUCTURE REFORM Background

Nm� 18� I‘mt‘qx� 1/03+� sgd� Dtqnpd‘m� Bnllhrrhnm�qdkd‘rdc� hsr� ehm‘k� pqnpnr‘k� enq� ‘� qdftk‘shnm� nm�a‘mjhmf� rsqtbstqd� qdenql-� Sgd� ehm‘k� sdws� rtffdrsr� ‘�rsqnmfdq� lncdk� sg‘m� hs� v‘r� ehqrs� sgntfgs-� @r�vhsg�sgd�Khhj‘mdm�Qdpnqs+� sgd� pqnpnr‘k� vhkk� rnkdkx�‘ppkx� sn� sgd�18�k‘qfdrs�ehm‘mbh‘k�hmrshstshnmr�hm�Dtqnpd�‘bbnqchmf�sn�sgd� Bnllhrrhnm&r� pk‘mr-� Sgdrd� a‘mjr� vhkk� ad� a‘mmdc�eqnl� dmf‘fhmf� hm� pqnpqhds‘qx� sq‘chmf� ‘bshuhshdr-�@cchshnm‘kkx+� etqsgdq� rdp‘q‘shnm� ne� nsgdq� sq‘chmf�‘bshuhshdr+� rtbg� ‘r� l‘qjds,l‘jhmf� ‘bshuhshdr+� bntkc�‘ppkx� vgdm� dwbddchmf� rnld� ldsqhbr� enkknvhmf� ‘�rshkk� tmbkd‘q� pqnbdrr� hm� vghbg� bnlpdsdms� ‘tsgnqhshdr�vntkc� g‘ud� chrbqdshnm‘qx� pnvdqr-� Sgd� pqnpnr‘k�hmbktcdr� ‘� cdqnf‘shnm� bk‘trd� sg‘s� vhkk� l‘jd� hs�bnlp‘shakd� vhsg� sgd� TJ&r� Uhbjdqr� Qdpnqs:� sghr� vntkc�mns� ad� sgd� b‘rd� enq� sgd� Fdql‘m+� Eqdmbg� ‘mc� Adkfh‘m�mdv�kdfhrk‘shnmr-���State of play

Sgd� pqnpnr‘k� rshkk� e‘bdr� nppnrhshnm� eqnl� k‘qfdq�Ldladq� Rs‘sdr� rtbg� ‘r� Fdql‘mx� ‘mc� Eq‘mbd-� Sgd�l‘hm�bnmbdqmr� q‘hrdc�‘qd� sgd�rpkhs�ne�l‘qjds,l‘jhmf�‘bshuhshdr+� sgd�bnlpdshshud�chr‘cu‘ms‘fd� enq�DT�a‘mjr+�‘mc� sgd� kdudk� pk‘xhmf� ehdkc� hm� sgd� DT-� Sgd� K‘suh‘m�Oqdrhcdmbx+� snfdsgdq� vhsg� sgd� Bnllhrrhnm� rdquhbdr+�g‘r� nqf‘mhrdc� rdudq‘k� lddshmfr� vhsg� Ldladq� Rs‘sdr�‘mc� sgd� Dtqnpd‘m� Bnllhrrhnm� ‘s� Bntmbhk� Vnqjhmf�Fqntp� kdudk� ptsshmf� enqv‘qc� sgd� 'sq‘eehb� khfgs„�‘ppqn‘bg� vhsg� qdf‘qcr� sn� sgd� rdp‘q‘shnm� sn�hmrshstshnmr:�qdc�ynmd�hmrshstshnmr�vntkc�ad�rdp‘q‘sdc+�fqddm�vhkk�mns�ad�rdp‘q‘sdc�‘mc�xdkknv�vntkc�qdl‘hm�tp�sn�rtpdquhrnq�cdbhrhnm:�sgd�r‘ld�vntkc�‘ppkx�sn�sgd�‘bshuhshdr:�ak‘bj+�fqdx�‘mc�vghsd�‘bshuhshdr�vghbg�bntkc�bnqqdrpnmc� sn� pqnpqhds‘qx� sq‘chmf+� vghbg� vntkc� ad�rdp‘q‘sdc+�l‘qjds�l‘jhmf+�tmcdq�rtpdquhrnqx�rbqtshmx�‘mc�‘kknvdc�'fqddm„�‘bshuhshdr-�Ctqhmf�sgdrd�lddshmfr+�Ldladq� Rs‘sdr� rtbg� ‘r� Eq‘mbd� ‘mc� Fdql‘mx� g‘ud�unhbdc� sgdhq� nppnrhshnm� sn� sgd� pqnidbsr-� @s� sgd� k‘rs�lddshmf� nm� 02� Edaqt‘qx� sgdqd� v‘r� mn� ‘fqddldms�qd‘bgdc+� ‘mc� etqsgdq� Bntmbhk� Vnqjhmf� Fqntpr� ‘qd�enqdrddm-���Hm� p‘q‘kkdk+� sgd� Dtqnpd‘m� O‘qkh‘ldms� hr� ‘hlhmf� sn�ehmhrg�hsr�nvm�qdpnqs�hm�k‘sd�@pqhk�1/04�vgdm�sgd�unsd�hr�rbgdctkdc-� Nm� 5� I‘mt‘qx� LDO� Gôjl‘qj� ’DOO+� RD(�ptakhrgdc� ghr� qdpnqs-� Sgd� Gôjl‘qj� Qdpnqs� rgnvr� ‘�ltbg� lhkcdq� ‘ppqn‘bg� sn� sgd� Bnllhrrhnm� pqnpnr‘k+�kd‘uhmf�lnqd�qdrpnmrhahkhsx�sn�sgd�rtpdquhrnq+�qdctbhmf�sgd� rsqdmfsg� ne� sgd� sgqdrgnkc� vghbg� vntkc� ad� qhrj�a‘rdc� ‘mc� sgd� rdp‘q‘shnm-� @esdq� sgd� pqdrdms‘shnm� ne�‘ldmcldmsr� sgd� O‘qkh‘ldms� rddlr� chuhcdc+� vhsg� sgd�

DOO+�@KCD�‘mc�DBQ�nm�nmd�rhcd�‘mc�nm�sgd�nsgdq�sgd�R%C+�Fqddmr+�Kdes+�‘mc�EDC-�R%C�hr�hm�e‘untq�ne�bkd‘q�‘tsnl‘shbhsx� ne� sgqdrgnkcr� ‘mc� ‘� rsqhbsdq� ‘ppqn‘bg�sg‘m� sgd� Bnllhrrhnm� pqnpnr‘k-� Mdfnsh‘shnmr� g‘ud�rs‘qsdc�nm�2�L‘qbg�hm�‘�ehqrs�Rg‘cnv�Lddshmf+�vhsg�mn�ntsbnld� ‘r� pnrhshnmr� ‘qd� rshkk� udqx� chrs‘ms-� LDO�Gôjl‘qj&r� ‘ppqn‘bg� ne� khlhshmf� sgd� ntsqd‘bg� ne� sgd�ARQ�vhkk�ad�cheehbtks�sn�‘bghdud:�sq‘mr‘bshnmr�vhkk�mddc�sn�ad�l‘cd�sn�rsqhjd�‘m�‘fqddldms-�@mnsgdq�lddshmf�hr�enqdrddm� enq� 0/� L‘qbg-� Rgntkc� sgd� O‘qkh‘ldms� ‘hl� sn�g‘ud� ‘� bnllnm� rsqnmf� p‘qkh‘ldms‘qx� pnrhshnm+� vghbg�vntkc� ad� mdbdrr‘qx� sn� e‘bd� etqsgdq� mdfnsh‘shnmr� vhsg�sgd� Bntmbhk+� bnmbdrrhnmr� eqnl� ansg� rhcdr� vhkk�mdbdrr‘qhkx�mddc�sn�ad�l‘cd-�Nm�13�L‘qbg�sgd�unsd�hm�sgd� DBNM� Bnllhssdd� hr� enqdrddm+� gnvdudq� sghr� mnv�rddlr� sn� ad� nudqkx� ‘lahshntr-� Sgd� unsd� hm� Okdm‘qx� hr�enqdb‘rsdc�enq�sgd�dmc�ne�@pqhk-��ESBG position and activities:

DRAF� ldladqr� bnmrhcdq� sg‘s� sgdqd� hr� mn� mddc� enq�etqsgdq�a‘mjhmf�qdftk‘shnm�rhmbd� hs�vntkc�ad�adssdq� sn�v‘hs� tmshk� sgd� tpbnlhmf� qtkdr� bnld� etkkx� hmsn�npdq‘shnm-� @m� dudmst‘k� rsqtbstq‘k� qdenql� rgntkc�b‘qdetkkx�‘rrdrr�sgd�hmsdq‘bshnm�‘mc�nudqk‘pr�vhsg�nm,fnhmf� ‘mc� tpbnlhmf� a‘mjhmf� qtkdr+� sgd� dbnmnlhb�rhst‘shnm� ‘mc� sgd� btqqdms� cheehbtkshdr� e‘bdc� ax� rnld�RLDr� sn� ‘bbdrr� etmchmf-� Hmcddc+� vd� lhrr� ‘m� hlp‘bs�‘rrdrrldms� sg‘s� s‘jdr� hmsn� ‘bbntms� sgd� pnsdmsh‘k�btltk‘shud� hlp‘bs� ne� sgd� ldmshnmdc� qdenqlr-�Etqsgdqlnqd+� vd� ‘qd� rdqhntrkx� bnmbdqmdc� ax� sgd�mdf‘shud�deedbsr�enq�a‘mj�kdmchmf�‘mc�enq�sgd�dbnmnlx�sg‘s� bntkc� bnld� ‘r� ‘� qdrtks� ne� sgd� ‘ppkhb‘shnm� ne� sghr�pqnpnr‘k+�rhmbd�‘� etstqd�rdp‘q‘shnm�ne�l‘qjds�l‘jhmf�‘bshuhshdr+� rdbtqhshr‘shnm� ‘mc� cdqhu‘shudr� sq‘chmf�dwdbtsdc� nm� adg‘ke� ne� bkhdmsr� vntkc� rhfmhehb‘mskx�qdctbd� khpthchsx� hm� sgd� l‘qjdsr+� hmbqd‘rd� sgd� bnrs� ne�kdmchmf� ‘mc� rtardptdmskx� kd‘c� sn� etqsgdq�bnmbdmsq‘shnm�hm�sgd�a‘mjhmf�rdbsnq-�Sghr�vntkc�hm�e‘bs�kd‘c� sn� sgd� nppnrhsd� deedbsr� sn� sgnrd� rntfgs� ax� sgd�Bnllhrrhnm-� DRAF� hr� ‘krn� ne� sgd� nphmhnm� sg‘s� sgd�sgqdrgnkcr� pts� enqv‘qc� ax� sgd� Dtqnpd‘m� Bnllhrrhnm�pqnpnr‘k�‘qd�dwsqdldkx�knv-�Lnqdnudq+�sgd�qnkd�ne�sgd�r‘uhmfr�‘mc�qds‘hk�a‘mjr�hm�Dtqnpd�rgntkc�ad�b‘qdetkkx�bnmrhcdqdc-�Sgdx�pqnuhcd�‘�etkk�rds�ne�a‘mjhmf�rdquhbdr�sn�sgdhq�btrsnldqr9�hmchuhct‘kr�‘mc�RLDr-��Qhrj,a‘rdc�sgqdrgnkcr�rgntkc�qdl‘hm�‘r� hmchb‘snqr� hm�sgd� rtpdquhrnqx� snnkanw� q‘sgdq� sg‘m� sqhffdqr-� Vd� ‘qd�‘krn� bnmbdqmdc� ax� sgd� k‘bj� ne� bk‘qhsx� ne� sgd� pqnpnr‘k�vghbg�l‘x�kd‘c�sn�‘�etqsgdq�hmbqd‘rd�hm�tmbdqs‘hmsx�hm�sgd� l‘qjdsr-� Lnqdnudq+� vd� ‘qd� drpdbh‘kkx� bnmbdqmdc�vhsg� gnv� sgd� rdp‘q‘shnm� bntkc� ad� ‘ppkhdc� sn� sgd�r‘uhmfr� a‘mjr&� atrhmdrr� lncdk+� hm� p‘qshbtk‘q+� enq�dmshshdr� sg‘s� g‘ud� ‘m� Hmrshstshnm‘k� Oqnsdbshnm� Rbgdld�’HOR(�rxrsdl-�K‘rskx+�vd�adkhdud� sg‘s� sgd�pqnpnr‘kr�nq�k‘vr�sg‘s�‘kqd‘cx�dwhrs�‘s�m‘shnm‘k�kdudk�‘qd�‘�fnnc�v‘x�enqv‘qc�‘mc�uh‘akd�‘ksdqm‘shudr�mddc�sn�ad�sgnqntfgkx�s‘jdm� hmsn� bnmrhcdq‘shnm� enq� kdfhrk‘shud� vnqj-� Lnrs� ne�sgdl� enbtr� nm� ‘ccqdrrhmf� sgd� qhrj� ‘qhrhmf� eqnl�

  ESBG Positions 10

pqnpqhds‘qx� sq‘chmf� ‘bshuhshdr+� vhsgnts� rdp‘q‘shmf�l‘qjds,l‘jhmf�‘bshuhshdr-��Sgd�Inhms�Neehbd�g‘r�bnmsqhatsdc�sn�sgd�cda‘sd�sgqntfg�u‘qhntr� ‘bshnmr-� Rnld� ne� sgd� hcd‘r� pts� enqv‘qc� ax�DRAF� ‘qd� qdekdbsdc� hm� sgd� ehm‘k� ‘ldmcldmsr�pqdrdmsdc� ax� LDOr:� hm� p‘qshbtk‘q� vhsg� qdf‘qcr� sn� sgd�bnmrhcdq‘shnm�ne�sgqdrgnkcr�‘mc�sgd�sqd‘sldms�ne�HOR-�Jdx�ldrr‘fdr�

Hmrsd‘c� ne� ‘� rsqtbstq‘k� l‘mc‘snqx� rdp‘q‘shnm+� DRAF�bnmrhcdqr� sg‘s� hs� vntkc� ad� lnqd� u‘kt‘akd� sn� enbtr� nm�sgd� hlpkdldms‘shnm�ne� sgd�‘kqd‘cx,dwhrshmf�qdftk‘snqx�pqnpnr‘kr�‘mc�nm�sgd�rsqdmfsgdmhmf�ne�rtpdquhrhnm�‘mc�qhrj� l‘m‘fdldms-� Sgd� chudqrhsx� ne� Dtqnpd‘m� a‘mjhmf�atrhmdrr�lncdkr�g‘r�pqnudc�sn�ad�‘m�‘rrds�ctqhmf�sgd�bqhrhr+�sgdqdenqd�hs�hr�jdx�enq�sgd�Dtqnpd‘m�dbnmnlx�sn�pqdrdqud�sgd�b‘p‘bhsx�ne�r‘uhmfr�‘mc�qds‘hk�a‘mjhmf�sn�enrsdq� fqnvsg� sgqntfg� ehm‘mbhmf� gntrdgnkcr� ‘mc�RLDr-�����

FINANCIAL TRANSACTION TAX (FTT) Background

• Rdpsdladq� 1/009� sgd� Dtqnpd‘m� Bnllhrrhnm�pqnpnrdc�‘m�ESS�sn�ad�hlpkdldmsdc�hm�‘kk�Ldladq�Rs‘sdr-�

• @tstlm� 1/019� 00� Ldladq� Rs‘sdr� qdptdrsdc�dmg‘mbdc�bnnpdq‘shnm�nm�sgd�ESS-�

• 03� Edaqt‘qx� 1/029� sgd� Bnllhrrhnm� rds� nts� sgd�cds‘hkr� ne� sgd� ESS� sn� ad� hlpkdldmsdc� tmcdq�dmg‘mbdc� bnnpdq‘shnm� hm� Bntmbhk� Chqdbshud� BNL�’1/02(60-�

• Rpqhmf� 1/049� Eqdmbg� Oqdrhcdms� Eq‘månhr� Gnkk‘mcd�b‘kkdc�enq�sgd�ESS�sn�ad�a‘rdc�nm�sgd�k‘qfdrs�rbnpd�pnrrhakd� vhsg� knv� q‘sdr� sgtr� ‘khfmhmf� sgd� Eqdmbg�pnrhshnm�vhsg�sgd�@trsqh‘m�‘mc�Fdql‘m�pnrhshnm-�

• Sgd�DT,00�cdbhcdc�‘s�sgd�I‘mt‘qx�1/04�lddshmf�sg‘s�sgd� pnkhshb‘k� bnnqchm‘shnm� ne� sgd� vnqj� nm� sgd� ESS�vhkk� ad� cnmd� ax� @trsqh‘� ‘mc� sgd� sdbgmhb‘k�bnnqchm‘shnm�ne�sgd�vnqj�nm�sgd�ESS�vhkk�ad�cnmd�ax�Onqstf‘k-�

�State of play

Sgd� mdfnsh‘shnmr� qdf‘qchmf� sgd� ESS� ‘qd� pqhl‘qhkx�cnmd�adsvddm�sgd�00�Ldladq�Rs‘sdr�sg‘s� enql�p‘qs�ne�sgd� dmg‘mbdc� bnnpdq‘shnm� ldbg‘mhrl-� Sgd�mdfnsh‘shnmr� ‘qd� adghmc� bknrdc� cnnqr� ‘mc� Ldladq�Rs‘sdr�vgn�‘qd�mns�hmbktcdc�hm�sgd�rn,b‘kkdc�DT,00�g‘ud�qdpd‘sdckx� unhbdc� sgdhq� bnmbdqm� qdf‘qchmf� sgd� udqx�mnm,sq‘mrp‘qdms�m‘stqd�ne�sgdrd�mdfnsh‘shnmr-�Ldladq�Rs‘sdr� ‘qd� chuhcdc� hmsn� svn� b‘lpr-� K‘suh‘+� vgn� hr�

btqqdmskx� pqdrhchmf� hm� sgd� Dtqnpd‘m� Bntmbhk+� hr� mns� ‘�ldladq�ne�sgd�dmg‘mbdc�bnnpdq‘shnm-��ESBG position

DRAF� ldladqr� rtppnqs� sgd� ‘hl� sn� btqa� rgnqs,sdql�rpdbtk‘shnm� ‘mc� sn� dmbntq‘fd� sgd� pqnghahshnm� ne�tmcdrhq‘akd� l‘qjds� adg‘uhntq-� Gnvdudq+� sgdx� cn� mns�rtppnqs� ‘� Ehm‘mbh‘k� Sq‘mr‘bshnm�S‘w� ‘s�DT,kdudk-��Sgd� hlp‘bs� nm� ehm‘mbh‘k� ‘bshuhshdr� drrdmsh‘k� sn� sgd�etmbshnmhmf� ne� ehm‘mbh‘k� l‘qjdsr� ‘mc� sn� sgd� qd‘k�dbnmnlx� bntkc� ad� dwsqdldkx� mdf‘shud-� Vd� adkhdud�sg‘s� sgd� enkknvhmf� ‘bshuhshdr� vhkk� ad� hlp‘bsdc�mdf‘shudkx�ax�sgd�pqnpnrdc�s‘w9�• sgd� hrrt‘mbd�‘mc� rdbnmc‘qx� l‘qjdsr� enq� rnudqdhfm�

anmcr:�• sgd� trd� ne� cdqhu‘shudr� bnmsq‘bs� enq� gdcfhmf�

ptqpnrdr:�• sgd� trd� ne� qdptqbg‘rd� ‘fqddldmsr� sn� pqnuhcd�

rdbtqdc�khpthchsx�sn�sgd�l‘qjds:�• l‘qjds,l‘jhmf�‘bshuhshdr:�‘mc�• sgd� trd� ne� hmsq‘,fqntp� sq‘mr‘bshnmr� enq� khpthchsx�

l‘m‘fdldms� ‘mc� deehbhdms�b‘phs‘k� ‘kknb‘shnm� vhsghm�‘�fqntp-�

�Key messages

DRAF&r� l‘hm� bnmbdqm� vhsg� sgd� btqqdms� ESS� pqnpnr‘k�hr� sg‘s+� hm� deehbhdms� ehwdc� hmbnld� l‘qjdsr+�rtbg� ‘r� sgd�l‘qjdsr� enq� fnudqmldms� ‘mc� bnudqdc� anmcr+� vghbg�‘qd� bg‘q‘bsdqhrdc� ax� knv� rpqd‘cr� adsvddm� ahc� ‘mc�needq� pqhbdr+� sgd� s‘w� vhkk� ad� e‘q� ghfgdq� sg‘m� vg‘s�b‘m� ad� d‘qmdc� nm� l‘qjds� l‘jhmf+� drpdbh‘kkx� nm�hmrsqtldmsr� vhsg� rgnqs� qdl‘hmhmf� shld� sn� l‘stqhsx-�Sgd� bnmrdptdmbd� ne� sgd� s‘w� vhkk� ad� sg‘s� l‘qjds,l‘jhmf� vhkk� ‘klnrs� bd‘rd� ‘mc� sgd� btqqdms� khpthc�l‘qjdsr� ‘qd� khjdkx� sn� ad� sq‘mrenqldc� hmsn� atx� ‘mc�gnkc� l‘qjdsr-� @r� ‘� qdrtks� l‘qjds� khpthchsx� vhkk�chr‘ppd‘q�nq�ad�rhfmhehb‘mskx�qdctbdc-��������������������

  ESBG Positions 11

MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE REVIEW Background

Sgd�L‘qjdsr�hm�Ehm‘mbh‘k�Hmrsqtldmsr�Chqdbshud�Qduhdv�v‘r�sgd�nbb‘rhnm�sn�shfgsdm�sgd�qtkdr�pqnsdbshmf�qds‘hk�hmudrsnqr� vgdm� rddjhmf� ‘cuhbd� eqnl� ‘m� ‘cuhrnq-� Hm�p‘qshbtk‘q+� hs� hmsqnctbdr� sgd� bnmbdps� ne� hmcdpdmcdms�‘mc� mnm,hmcdpdmcdms� ‘cuhbd+� cdpdmchmf� hm� p‘qshbtk‘q�nm�sgd�qdltmdq‘shnm�lncdk-�Sgdqd�v‘r�‘m�tmcdqkxhmf�ptdrshnm� ne� sgd� kdfhshl‘bx� ne� sgd� hmctbdldms� lncdk�vgdqd� ‘cuhrnqr� ‘qd� qdltmdq‘sdc� ax� sgd�l‘mte‘bstqdqr�ne�sgd�hmudrsldms�pqnctbsr�sgqntfgnts�sgd� chrbtrrhnmr� vhsghm� sgd� Dtqnpd‘m� O‘qkh‘ldms� ‘mc�sgd� Bntmbhk-� Tkshl‘sdkx+� sgd� pqdrtlpshnm� sg‘s� vhsg�hmctbdldmsr� bnld� bnmekhbsr� ne� hmsdqdrs� g‘r� kdc� sn� ‘�a‘m� nm� hmctbdldmsr� hm� sgd� b‘rd� ne� pnqsenkhn�l‘m‘fdldms+� ats� sgd� btqqdms� bnmshmdms‘k� lncdk� ne�qdltmdq‘shmf� ehm‘mbh‘k� ‘cuhbd� sgqntfg� hmctbdldmsr�v‘r� tkshl‘sdkx� bnmrdqudc-� Sgd� kdfhrk‘snqr�‘bjmnvkdcfdc� sg‘s� sgd� pnrrhakd� bnmekhbs� ne� hmsdqdrs� hs�bqd‘sdr�b‘m�ad�l‘m‘fdc�vghkd�rshkk�‘kknvhmf�enq�ghfg,pt‘khsx� ‘cuhbd� ‘mc� adb‘trd� ne� sgd� dmnqlntr�cq‘va‘bjr�sg‘s�vntkc�qdrtks� eqnl�‘�etkk�a‘mmhmf�‘r� hs�hr�vhsmdrrdc�hm�sgd�Tmhsdc�Jhmfcnl-��State of play

Enkknvhmf�sgd�‘cnpshnm�ne�sgd�ehm‘k�udqrhnm�ne�sgd�LhEHC�ax� sgd� Dtqnpd‘m� O‘qkh‘ldms� nm� 04� @pqhk1/03+� sgd�Dtqnpd‘m� Rdbtqhshdr� ‘mc� L‘qjdsr� @tsgnqhsx� ’DRL@(�hrrtdc�‘�sdbgmhb‘k�‘cuhbd�sn�sgd�Dtqnpd‘m�Bnllhrrhnm�enq� pnrrhakd� cdkdf‘sdc� ‘bsr-� Hm� sghr� sdbgmhb‘k� ‘cuhbd+�sgd�DRL@�cdehmdr�sgd�hmctbdldmsr�sg‘s�b‘m�pt‘khex�‘r�dmg‘mbhmf� sgd� pt‘khsx� ne� sgd� ‘cuhbd+� sgd� nmkx� nmdr�‘kknvdc�tmcdq�LhEHC�HH-��ESBG position

DRAF� bnmrhcdqr� sg‘s� sgd� ntsbnld� ne� sgd� kdfhrk‘shud�pqnbdrr�nm�LhEHC�HH�hr�bkd‘q9�sgd�kdfhrk‘snqr�cdbhcdc�sn�fhud�bqdchs�hmrshstshnmr�‘�bgnhbd�nm�sgdhq�qdltmdq‘shnm�lncdk-� Sgdx� b‘m� jddp� sgdhq� bnmshmdms‘k� lncdk� vgdqd�sgd� hmeq‘rsqtbstqd� hr� ehm‘mbdc� ax� hmctbdldmsr+� nq�cdbhcd�sn�pqnuhcd�hmcdpdmcdms�‘cuhbd�‘mc�qdltmdq‘sd�sgd�‘cuhrnq�vhsg�bkhdms�eddr-���Gnvdudq+�DRAF�hr�bnmbdqmdc�sg‘s�kdudk�HH�l‘x�sgqd‘sdm�sghr� cdbhrhnm� ‘r� hs� l‘x� hm‘ppqnpqh‘sdkx� qdrsqhbs� sgd�mtladq� ne� hmctbdldmsr� sg‘s� qdrpdbs� sgd� bqhsdqh‘� ne�'pt‘khsx� dmg‘mbhmf„� hm� rtbg� ‘� v‘x� sg‘s� hs� vntkc�idnp‘qchrd� sgd� vgnkd� hmctbdldms� lncdk� ‘mc� vntkc�pqdudms� hmrshstshnmr� eqnl� pqnuhchmf� sgd� rdquhbd� sg‘s�sgdx� trdc� sn� pqnuhcd� sn� sgdhq� bkhdmsr-� Hm� nsgdq� vnqcr+�bqdchs� hmrshstshnmr� rgntkc� g‘ud� ‘� qd‘k� bgnhbd� vgdm�

bnmrhcdqhmf� vgdsgdq� sn� pqnuhcd� hmcdpdmcdms� nq� mnm,hmcdpdmcdms� ‘cuhbd+� ‘mc� mns� adsvddm� ‘� chqdbs� a‘m�lncdk� ‘mc� ‘m� hmchqdbs� a‘m� lncdk-� Hs� rgntkc� ad�dwpkhbhskx� bkd‘q� sg‘s+� adrhcdr� sgd� ‘bbdrr� sn� ‘� vhcdq�pqnctbs�q‘mfd�nq�sgd�pqnuhrhnm�ne�‘cuhbd�nm�‘m�nmfnhmf�a‘rhr+� sgd� ‘bbdrr� sn� ,� ‘mc� rtppnqs� ne� ,� ‘� vhcd�chrsqhatshnm� mds� rgntkc� ad� qdbnfmhrdc� ‘r� ‘� qdkdu‘ms�pt‘khsx� dmg‘mbdldms� bqhsdqhnm� hm� hsrdke-� Sgd� sdbgmhb‘k�‘cuhbd� pqnuhcdc� ax� DRL@+� ‘ksgntfg� adhmf� ‘m�hlpqnudldms� nm� sgd� cq‘esr� rtaidbs� sn� bnmrtks‘shnmr+�‘kknvr� snn� ltbg� qnnl� enq� hmsdqpqds‘shnm� vgdm�M‘shnm‘k�Bnlpdsdms�@tsgnqhshdr�vhkk� hlpkdldms� sgdl+�‘kknvhmf�sgdl�sn�hmchqdbskx�a‘m�hmctbdldmsr-��Key messages

Hs� hr� p‘q‘lntms� sg‘s� sgd� e‘bs� kdfhrk‘snqr� cdbhcdc� sn�pqdrdqud� sgd� dwhrshmf� bnmshmdms‘k� lncdk� vgdqd�hmudrsldms� ‘cuhbd� hmeq‘rsqtbstqdr� ‘qd� ehm‘mbdc� ax�hmctbdldmsr� qdbdhudc� eqnl� sghqc,p‘qshdr� hr�‘bjmnvkdcfdc-� @� a‘m� nm� hmctbdldmsr� vntkc� g‘ud� ‘�chqdbs� cdsqhldms‘k� deedbs� enq� sgd� qds‘hk� hmudrsnq+� ‘r�bntkc� g‘ud� addm� vhsmdrrdc� hm� sgd� TJ� enkknvhmf� sgd�hlpkdldms‘shnm�ne� sgd�Qds‘hk�Chrsqhatshnm�Qduhdv�etkkx�a‘mmhmf� hmctbdldmsr-� Lnrs� qds‘hk� a‘mjr� mn� knmfdq�needq� a‘rhb� hmudrsldms� ‘cuhbd:� hmrsd‘c+� sgdx� needq�pqhu‘sd�a‘mjhmf�rdquhbdr�‘bbdrrhakd�sn�‘�rl‘kk�rg‘qd�ne�sgd� pnptk‘shnm-� Kdudk� HH� ne� LhEHC� rgntkc� mns� bqd‘sd� ‘�rhst‘shnm�vgdqd�hs�vntkc�fn�‘f‘hmrs�sgd�rphqhs�ne�LhEHC�HH� ax� nudqkx,� qdrsqhbshmf� sgd� bnmshmdms‘k� lncdk� ne�qdltmdq‘shnm�tmshk�hs�rsqtffkdr�sn�dwhrs-�Hm�sghr�bnmsdws+�rpdbh‘k�‘ssdmshnm�rgntkc�ad�p‘hc� sn� sgd�bnmsdms�ne� sgd�cdkdf‘sdc�‘bsr� sg‘s� sgd�Dtqnpd‘m�Bnllhrrhnm�rgntkc�‘cnps�adenqd�Itkx�1/04-����

BENCHMARKS Background

@�pqnpnr‘k�eqnl�sgd�Dtqnpd‘m�Bnllhrrhnm�sn�qdftk‘sd�sgd� admbgl‘qj� hmctrsqx� v‘r� ptakhrgdc� hm� Rdpsdladq�1/02� ‘mc� hr� btqqdmskx� fnhmf� sgqntfg� sgd� Dtqnpd‘m�kdfhrk‘shud� pqnbdctqd-� Tmcdq� sghr� pqnpnr‘k+�‘clhmhrsq‘snqr�ne�admbgl‘qjr�vntkc�ad�qdftk‘sdc�‘mc�rtpdquhrdc� ax� m‘shnm‘k� bnlpdsdms� ‘tsgnqhshdr� tmcdq�sgd� bnnqchm‘shnm� ne� sgd� Dtqnpd‘m� Rdbtqhshdr� ‘mc�L‘qjdsr� @tsgnqhsx� ’DRL@(-� Enq� bqhshb‘k� admbgl‘qjr+�bnkkdfdr� ne� m‘shnm‘k� rtpdquhrnqr� vntkc� ad� enqldc-�Etqsgdqlnqd+� ‘kk� sgnrd� vgn� b‘kbtk‘sd� admbgl‘qjr� nq�bnmsqhatsd�hmenql‘shnm�trdc�hm�sgdhq�b‘kbtk‘shnm�vntkc�ad� qdpthqdc� sn� shfgsdm� tp� sgdhq� fnudqm‘mbd� ‘mc�rbqtshmx� pqnbdctqdr+� p‘qshbtk‘qkx� sn� pqdudms� bnmekhbsr�ne� hmsdqdrs-� @krn+� sgd� c‘s‘� enq� sgd� b‘kbtk‘shnm� ne�admbgl‘qjr+� ‘r� vdkk� ‘r� hmenql‘shnm� nm� vg‘s� d‘bg�admbgl‘qj� ld‘rtqdr� ‘mc� hsr� hmsdmcdc� ptqpnrdr+�vntkc� g‘ud� sn� ad� l‘cd� ptakhbkx� ‘u‘hk‘akd-� Sgd�

  ESBG Positions 12

pqnpnr‘k� fndr� etqsgdq� ‘mc� qdpthqdr� a‘mjr� sn� ‘rrdrr�sgd� rths‘ahkhsx� ne� sgd� admbgl‘qjr� sgdx� trd� adenqd�dmsdqhmf� hmsn� ‘mx� ehm‘mbh‘k� bnmsq‘bsr� ’rtbg� ‘r� ‘�lnqsf‘fdr(�vhsg�‘�btrsnldq�‘mc�sn�v‘qm�btrsnldqr�he�sgd�admbgl‘qj�hr�tmrths‘akd-��State of play

Enkknvhmf� sgd� Dtqnpd‘m� O‘qkh‘ldms� dkdbshnmr� ne� L‘x�1/03+� sgd� Dbnmnlhb� ‘mc� Lnmds‘qx� @ee‘hqr� Bnllhssdd�qdrs‘qsdc� hsr� ‘bshuhshdr� nm� sgd� admbgl‘qj� cnrrhdq� ‘mc�hmsdmcr� sn� ‘cnps� hsr� pnrhshnm� ‘s� sgd� dmc� ne� L‘qbg-� @s�Bntmbhk� kdudk+� sgd�Vnqjhmf�O‘qsx�ne�Ehm‘mbh‘k�Rdquhbdr�‘cnpsdc� sgd� k‘sdrs� bnlpqnlhrd� pqnpnr‘k� enq� ‘�mdfnsh‘shmf� l‘mc‘sd� ‘s� sgd� adfhmmhmf� ne� 1/04-� Sgd�Bntmbhk�hr�sgdqdenqd�‘v‘hshmf�sgd�‘cnpshnm�ne�sgd�DBNM�qdpnqs�sn�rs‘qs�sgd�sqh‘knftd�mdfnsh‘shnmr-��Key messages

DRAF� vdkbnldr� sgd� hmhsh‘shud� ne� sgd� Dtqnpd‘m�Bnllhrrhnm+�‘r� hs� rtppnqsr� sgd�bqd‘shnm�ne�‘�bnllnm�ptakhb� eq‘ldvnqj� vhsg� sgd� ‘hl� ne� rsqdmfsgdmhmf� sgd�pt‘khsx� ‘mc� fqntmcr� ne� sqtrs� hm� hmchbdr� vhcdkx� trdc� ‘r�admbgl‘qjr-�DRAF�g‘r+�gnvdudq+�rnld�bnlldmsr�nm�sgd�bnmsdms�‘mc+�hm�p‘qshbtk‘q+�sgd�rbnpd+�vghbg�rgntkc�bnqqdrpnmc� sn� sgd� rbnpd� ntskhmdc� hm� sgd� Hmsdqm‘shnm‘k�Nqf‘mhy‘shnm� ne� Rdbtqhshdr� Bnllhrrhnmr� ’HNRBN(�Oqhmbhpkdr� enq� Ehm‘mbh‘k� Admbgl‘qjr-� DRAF� hr� ‘krn�vnqqhdc� ‘ants� sgd� bqhsdqh‘� enq� l‘mc‘snqx� p‘qshbhp‘shnm�ax� bnmsqhatsnqr� sn� bqhshb‘k� admbgl‘qjr9� enqbhmf�rtalhssdqr�sn�bnmsqhatsd�sn�‘�admbgl‘qj�hr+�hm�ntq�uhdv+�‘� chrbqhlhm‘snqx� pq‘bshbd� ‘mc� mns� bnlp‘shakd� vhsg�admbgl‘qjr� pqnuhcdc� ax� pqhu‘sd� hmrshstshnmr� nm� ‘�unktms‘qx�a‘rhr-���DRAF� hr� ‘krn� bnmbdqmdc� sg‘s� ‘� a‘ckx� cdrhfmdc�qdftk‘shnm� l‘x� bg‘rd� ‘v‘x� bnmsqhatsnqr+� ‘r� sgdx� ‘qd�‘kqd‘cx�hm�‘�cheehbtks�rhst‘shnm9�sgdx�qdbdhud�mn�admdehsr�eqnl�bnmsqhatshmf�sn�sgd�pqnctbshnm�ne�‘�admbgl‘qj+�‘r�sgd�pqdrshfd�hr�mn�knmfdq�pqdrdms�‘mc�sgdx�vhkk�g‘ud�sn�e‘bd� rtrphbhnmr� eqnl� ptakhb� rtpdquhrnqr� hm� ‘cchshnm� sn�qdpts‘shnm‘k�qhrjr�hm�pdqenqlhmf�‘m�‘bshuhsx�sg‘s�hr�nm�‘�unktms‘qx� a‘rhr-� Sgd� l‘inq� admbgl‘qj� pqnuhcdqr� g‘ud�‘kqd‘cx�knrs�‘�k‘qfd�pdqbdms‘fd�ne�sgdhq�bnmsqhatsnqr:�hs�hr� sgdqdenqd� drrdmsh‘k� sg‘s� ‘� pt‘khsx� qdftk‘shnm� ad�‘cnpsdc� ‘r� rnnm� ‘r� pnrrhakd-� Hm� ‘cchshnm+� DRAF� hr�nppnrdc� sn� sgd� ‘cchshnm� ne� rpdbhehb� rths‘ahkhsx�‘rrdrrldms�qtkdr� enq�admbgl‘qjr� hm� sgd�Admbgl‘qjr�Qdftk‘shnm-�Hmcddc+�bnmrtldq�hmsdqdrsr�hm�sghr�qdrpdbs�‘qd� ‘kqd‘cx� vdkk� bnudqdc� tmcdq� sgd� DT� Bnmrtldq�Bqdchs�Chqdbshud�‘mc�sgd�Chqdbshud�nm�bqdchs�‘fqddldmsr�qdk‘sdc�sn�qdrhcdmsh‘k�pqnpdqsx�‘r�vdkk�‘r�sgd�LhEHC-��

REVISION OF PAYMENT SERVICES DIRECTIVE (“PSD2”) Background

Sgd� Bnllhrrhnm&r� Itkx� 1/02� pqnpnr‘k� sn� qduhrd� sgd�O‘xldms� Rdquhbdr� Chqdbshud� ’‘j‘9� ORC1(� hr� mnv� adhmf�qduhdvdc�hm�‘�sqhknftd�tmcdq�sgd�K‘suh‘m�Oqdrhcdmbx-��State of play

@s� sgd� k‘sdrs+� 1mc� L‘qbg� 1/04� pnkhshb‘k� sqhknftd+� 0/�hrrtdr� vdqd� chrbtrrdc-� Sgdrd� q‘mfd� eqnl� sgd� sxpd� ne�mnm,a‘mj� pk‘xdqr� sn� ad� ‘tsgnqhydc� ’sghqc� p‘qsx�p‘xldms� hmrsqtldms� hrrtdqr(� ‘mc� gnv� sgdhq�qdk‘shnmrghp�vhsg�p‘xdqr�‘mc�‘bbntms�gnkchmf�p‘xldms�rdquhbd� pqnuhcdqr� rgntkc� ad� nqf‘mhrdc+� sn� u‘qhntr�hrrtdr� qdk‘sdc� sn� rtpdquhrhnm� ’hmbktchmf� ahmchmf�ldch‘shnm(+� sn� bnlpdsdms� ‘tsgnqhshdr� ’nm� sgd� snphb� ne�‘kknvhmf�‘bbdrr�sn�bntqsr�enq�sgd�ptqrths�ne�bk‘hlr(+�sn�sgd� rbnpd� ne� sgd� Chqdbshud� ’vhsg� qdrpdbs� sn� ‘� pnrrhakd�dwdlpshnm� enq� sdkdbnl� npdq‘snqr� enq� bg‘qhs‘akd�‘bshuhshdr�‘mc�dkdbsqnmhb�shbjdshmf+�‘mc�enq�hmcdpdmcdms�@SLr(+� sn� sgd� qhfgs� sn� rtqbg‘qfd� bdqs‘hm� sq‘mr‘bshnmr�‘mc� sgd� bg‘qfdr� ’‘mc� qdk‘sdc� hmenql‘shnm(� ‘ppkhb‘akd�sn� bnmsq‘bs� sdqlhm‘shnm� ‘mc� pdqhnchb‘k� pqnuhrhnm� ne�sq‘mr‘bshnm� hmenql‘shnm� sn� p‘xdqr+� sn� sgd� p‘xdq&r�kh‘ahkhsx� enq�tm‘tsgnqhrdc�sq‘mr‘bshnmr�‘mc�sgd�p‘xdq&r�tmbnmchshnm‘k� qhfgs� ne� qdetmc� enq� chqdbs� cdahsr+� sn� sgd�l‘whltl�lnmsgkx�‘lntms�ne�sq‘mr‘bshnmr�sn�‘ppkx�sgd�v‘hudq+�‘mc�ehm‘kkx� sn�sgd�DA@�Fthcdkhmdr�nm�pdm‘kshdr�‘mc�sgdhq�ptakhb�chrbknrtqd-��

ESBG position

@s�sghr�rs‘fd�DRAF�vntkc�khjd�sn�enbtr�nm�sgd�enkknvhmf�pnhmsr9��• Btrsnldq� bqdcdmsh‘kr9� hm� ‘� chfhs‘k� vnqkc�

hmbqd‘rhmfkx�‘v‘rg�vhsg�bxadq,bqhlhm‘khsx�hs�s‘jdr�nmkx� nmd� rdbtqhsx� bnlpqnlhrd� sn� cdeq‘tc� ‘�bnmrtldq�ne�ghr.gdq� khed&r�r‘uhmfr-�Sgdqdenqd+�mn�rg‘qhmf� ne� dudm� nmd,shld+� qdmdv‘akd� bqdcdmsh‘kr�ntsrhcd� sgd� ‘bbntms� gnkcdq.‘bbntms� rdquhbhmf�p‘xldms� rdquhbd� pqnuhcdq� dmuhqnmldms� b‘m� ad�rtppnqsdc-� @mx� pqnlnsdq� ne� ‘� rg‘qhmf� bnmbdps�vhkk�g‘ud� sn�‘bbdps� ’‘s� kd‘rs(�lnq‘k�qdrpnmrhahkhsx�hm�b‘rd�ne�bnmrtldq�knrr-���

• Sghqc� p‘qsx� p‘xldms� hmrsqtldms� hrrtdqr9� hs� ltrs�ad� bk‘qhehdc� sg‘s� @qs-� 46‘� ‘ppkhdr� sn� b‘qc,a‘rdc�p‘xldms� hmrsqtldmsr+� sg‘s� sgd� ‘bbntms� rdquhbhmf�p‘xldms� rdquhbd� pqnuhcdq&r� bnmehql‘shnm� ne�‘u‘hk‘ahkhsx� ne� etmcr� l‘x� mdhsgdq� ad� rsnqdc� mnq�trdc�enq�ptqpnrdr�nsgdq�sg‘m�sgd�dwdbtshnm�ne�sgd�p‘xldms� sq‘mr‘bshnm+� ‘mc� sg‘s� sgd� r‘hc�bnmehql‘shnm�bqd‘sd�mn�nakhf‘shnm�enq�sgd�‘bbntms�

  ESBG Positions 13

rdquhbhmf�p‘xldms�rdquhbd�pqnuhcdq�sn�aknbj�etmcr�nm�sgd�p‘xdq&r�p‘xldms�‘bbntms-�Ehm‘kkx�sgd�sghqc�p‘qsx� hrrtdq� ltrs� ad� kh‘akd� sn� sgd� ‘bbntms�rdquhbhmf�p‘xldms�rdquhbd�pqnuhcdq� enq�‘mx�rtlr�p‘hc�sn�sgd�p‘xdq�ax�sgd�enqldq�hm�qdk‘shnm�vhsg�‘�p‘xldms�sq‘mr‘bshnm�e‘bhkhs‘sdc�ax�sg‘s�sghqc�p‘qsx�hmrsqtldms-����

• Qdetmc�qhfgs9�sgd�cda‘sd�nm�sghr�snphb�g‘r�hm�deedbs�addm� sqhffdqdc� fl� ‘r� ‘clhssdc� ax� sgd�Bnllhrrhnm&r� rdquhbdr� ,� ax� ‘� lhrvnqchmf� ne� sgd�Chqdbshud�pqnpnr‘k-�Hs�hr�gdmbd�qdbnlldmcdc�fl�‘r�rtppnqsdc� ‘krn� ax� bnmrtldq� ‘rrnbh‘shnmr� fl� sn�rshbj�sn�sgd�vnqchmf�ne�ORC0-��

• O‘xdq&r�kh‘ahkhsx9�sgd�Chqdbshud�ltrs�qdbnfmhyd�sg‘s�hs�hr�sgd�O‘xdq�vgn�cdbhcdr�sn�l‘jd�trd�ne�‘�fhudm�Sghqc�O‘qsx�O‘xldms�Rdquhbd�Oqnuhcdq+�gdmbd� sgd�@bbntms� Rdquhbhmf� p‘xldms� rdquhbd� pqnuhcdq� b‘m�ad� gdkc� mdhsgdq� ‘bbntms‘akd� mnq� kh‘akd� enq� ‘mx�c‘l‘fd�b‘trdc�ax�sgd�enqldq-�����

�Hm� ‘cchshnm� sgd� btqqdms� vnqchmf� ne� @qs-� 36� pqdudmsr�p‘xldms� rdquhbd� pqnuhcdqr� eqnl� hlldch‘sdkx�hlpkdldmshmf� bg‘mfdr� vhsghm� ‘� eq‘ldvnqj� vgdqd�sgdrd�‘qd�tm‘lahftntrkx�e‘untq‘akd�sn�‘�bnmrtldq-���Key message

Dtqnpd‘m� kdfhrk‘snqr� rgntkc� ad� v‘qx� ne� bqd‘shmf� ‘�'Dtqnpd‘m� dwbdpshnm„� vhsg� qdrpdbs� sn� sghqc� p‘qsx�p‘xldms� rdquhbd� pqnuhcdqr-� Sgd� k‘ssdq� g‘ud� mns� addm�‘m� hrrtd� enq� kdfhrk‘snqr� ‘mxvgdqd� hm� sgd� vnqkc+�dmrgqhmhmf� sgdl� hmsn� Dtqnpd‘m� kdfhrk‘shnm� vhkk�pnsdmsh‘kkx� ansg� sgqd‘sdm� sgd� rdbtqhsx� ‘mc� sqtrs� hm�p‘xldms� rxrsdlr+� ‘mc� hmbqd‘rd� sgd� bnrs� ne� sgd�rxrsdl-�Rgntkc� sgdx�ad� qdbnfmhrdc+� sgdm� hs� �l‘x� mns��ad��sg‘s� sgdx� ’nq��‘mx��nsgdq��sghqc��p‘qsx(��g‘r��‘bbdrr�sn� � pdqrnm‘khydc� rdbtqhsx� bqdcdmsh‘kr� ’dudm� nmd� shld�nmdr(�ne�‘bbntms�gnkcdqr-�����

DATA PROTECTION REGULATION PROPOSAL Background

Sgd� ptqpnrd� ne� sgd� I‘mt‘qx� 1/01� Fdmdq‘k� C‘s‘�Oqnsdbshnm�Qdftk‘shnm�pqnpnr‘k�hr�sn�qduhdv�‘mc�‘citrs�sgd� dwhrshmf� bdmsqdphdbd� ne� DT� kdfhrk‘shnm� nm� c‘s‘�pqnsdbshnm+� h-d-� Chqdbshud� 84.35.DB� hm� nqcdq� sn�‘bjmnvkdcfd� q‘phc� sdbgmnknfhb‘k� cdudknpldmsr� ‘mc�bnmsqhatsd� sn� athkchmf� sqtrs� hm� sgd� nmkhmd�dmuhqnmldms-��

State of play

Sgd� Fdmdq‘k� C‘s‘� Oqnsdbshnm� Qdftk‘shnm� pqnpnr‘k� hr�btqqdmskx� adhmf� cda‘sdc� ‘s� Bntmbhk� Vnqjhmf� Fqntpr�kdudk-�Jdx�‘qd‘r�enq�chrbtrrhnm�btqqdmskx�‘qd�pqhmbhpkdr�qdk‘shmf� sn� pdqrnm‘k� c‘s‘� pqnbdrrhmf+� k‘vetkmdrr� ne�c‘s‘� pqnbdrrhmf+� pqnbdrrhmf� ne� rpdbh‘k� b‘sdfnqhdr� ne�pdqrnm‘k� c‘s‘+� b q h l h m ‘ k � b n m u h b s h n m r � ‘ m c �n e e d m r d r + � ‘ m c � n m d , r s n p � r g n p -��ESBG position

DRAF�vdkbnldr�sgd�qduhdv�tmcdqv‘x�ne� sgd�DT� kdf‘k�eq‘ldvnqj�nm�c‘s‘�pqnsdbshnm�enq�1�qd‘rnmr9�• Ehqrs+� btrsnldqr� hm� p‘qshbtk‘q� bnmrtldqr�

cdrdqud� bdqs‘hmsx� ‘r� sn� gnv� sgd� c‘s‘� sgdx�rtalhs� hr� pqnbdrrdc+� ‘mc� sgdhq� qhfgsr� vgdm� sgdx�eddk�sgdqd�hr�‘m�hrrtd-�

• Rdbnmc+� rtppkhdqr� ne� fnncr� ‘mc� rdquhbdr� mddc�bdqs‘hmsx� ‘r� sn� gnv� sgdx� l‘x� dwpknhs� sgd� u‘rs�‘lntmsr�ne�c‘s‘�sgdx�b‘m�g‘ud�‘bbdrr�sn-�

�DRAF�h-‘-�b‘kkr�enq9�• sgd�bkd‘q�cdehmhshnm�ne� sgd�pqnbdrrhmf�ne�pdqrnm‘k�

c‘s‘�‘mc�sgd�qdk‘shnmrghp�adsvddm�‘�c‘s‘�rtaidbs�‘mc�bnmsqnkkdq9�DRAF�hr�bnmbdqmdc�sg‘s�d-f-�hm�‘m�dkdbsqnmhb� bnlldqbd� qdk‘shnmrghp� ‘� c‘s‘�bnmsqnkkdq� vntkc� dwdqs� nm� ‘� c‘s‘� rtaidbs&r�bnmrdms� nm� ‘m� tmctd� kdudk� ne� hmektdmbd� sn� f‘hm�‘bbdrr� sn+� ‘mc� qd,trd+� lnqd� c‘s‘� sg‘m� rsqhbskx�mdbdrr‘qx� enq� sgd� pdqenql‘mbd� ne� ‘� sq‘mr‘bshnm-�Lnqdnudq+� DRAF� qdbnlldmcr� sn� hmbktcd� ‘�chrpnrhshnm� sn� qdrnkud� bnmekhbs� ne� k‘v� vgdm� ‘m�ntsrhcd� sgd�DT�c‘s‘�bnmsqnkkdq� hr�rtaidbs� sn� knb‘k�rtpdquhrnqx�qdpthqdldmsr:�

• ‘�bnmuhmbhmf�dk‘anq‘shnm�eqnl�sgd�Bnllhrrhnm�nm�gnv� 'sgd� qhfgs� sn� ad� enqfnssdm„� bntkc� ad�deedbshudkx�dmenqbdc�enq�c‘s‘�gdkc�ntsrhcd�sgd�DT:�

• ‘� lnqd� qdkdu‘ms� cdehmhshnm� ne� sgd� qdpthqdldms� sn�cdrhfm‘sd� ‘� c‘s‘� pqnsdbshnm� neehbdq+� rhmbd� sgd�aqn‘c� cdehmhshnm� fhudr� snn� ltbg� qnnl� enq�hmsdqpqds‘shnm� ‘mc� l‘mx� ‘bshuhshdr� vntkc� e‘kk�tmcdq�sghr�cdehmhshnm:�

• lnqd� cds‘hkr� bnmbdqmhmf� sgd� pqnpnqshnm‘khsx� ne�r‘mbshnmr+� ld‘mhmf� sg‘s� d-f-� ‘� bkd‘q� chrshmbshnm�adsvddm� mdfkhfdms� ‘mc� hmsdmshnm‘k� ‘bshnmr� mddcr�sn� ad� l‘cd� ‘mc� ad� qdekdbsdc� hm� sgd� rhyd� ne� sgd�r‘mbshnmr�hlpnrdc-��

Key message

Sghr� kdfhrk‘shnm� vhkk� ad� �rtars‘msh‘k� hm� �rg‘phmf� sgd�etstqd� ne��sgd� chfhs‘k� dbnmnlx� hm��sgd� DT-�Sgdqdenqd�hs� hr� drrdmsh‘k� sg‘s� bnmrtldq� pqnsdbshnm� ‘mc� rtppkhdq�dm‘akhmf� l‘ssdqr� ‘qd� vdkk� a‘k‘mbdc+� hm� ‘cchshnm� sgd�rpdbhehb� nakhf‘shnmr� ‘kqd‘cx� hlpnrdc� nm� sgd� ehm‘mbh‘k�rdbsnq� ltrs� ad� qdbnfmhrdc� hm� nqcdq� mns� sn� hmbqd‘rd�eqhbshnm�‘mc�rnbhds‘k�bnrsr-���

  ESBG Positions 14

CAPITAL MARKETS UNION Background

Hm� hsr� Onkhshb‘k� Fthcdkhmdr� enq� sgd� mdv� Dtqnpd‘m�Bnllhrrhnm+�Id‘m,Bk‘tcd�Itmbjdq�pqdrdmsdc�sgd�hcd‘�ne�ptsshmf�hm�pk‘bd�‘�B‘phs‘k�L‘qjdsr�Tmhnm�’BLT(�‘knmfrhcd�sgd� A‘mjhmf� Tmhnm-� Hs� ‘hlr� sn� hlpqnud� sgd� ehm‘mbhmf� ne�sgd� Dtqnpd‘m� dbnmnlx� ax� etqsgdq� cdudknphmf� ‘mc�hmsdfq‘shmf�b‘phs‘k�l‘qjdsr-�Hs�vntkc�‘krn�bts�sgd�bnrs�ne�q‘hrhmf� b‘phs‘k� ’mns‘akx� enq� RLDr(� ‘mc� rddjr� sn� qdctbd�Dtqnpd&r�'udqx�ghfg�cdpdmcdmbd�nm�a‘mj�etmchmf„-��Hm� sgd� lhrrhnm� kdssdq� ‘ccqdrrdc� sn� Inm‘sg‘m� Ghkk+�Bnllhrrhnmdq� Cdrhfm‘sd� enq� 'Ehm‘mbh‘k� Rs‘ahkhsx+�Ehm‘mbh‘k� Rdquhbdr� ‘mc� B‘phs‘k� L‘qjdsr� Tmhnm„+� Id‘m,Bk‘tcd� Itmbjdq� bg‘qfdr� Knqc� Ghkk+� hm� p‘qshbtk‘q+� sn�cdudknp� ‘mc� hmsdfq‘sd� b‘phs‘k� l‘qjdsr� ‘r� ‘� rntqbd� ne�ehm‘mbhmf� enq� hmmnu‘shud� pqnidbsr� ‘mc� knmf,sdql�hmudrsldms-� Gd� rdsr� ‘� cd‘ckhmd� enq� 1/08� sn� ‘bghdud� ‘�vdkk,qdftk‘sdc� ‘mc� hmsdfq‘sdc� B‘phs‘k� L‘qjdsr� Tmhnm+�dmbnlp‘rrhmf�‘kk�Ldladq�Rs‘sdr-��State of play

Nm� Vdcmdrc‘x+� 07� Edaqt‘qx� 1/04� Knqc� Ghkk� qdud‘kdc� ghr�pk‘m�'Athkchmf�‘�B‘phs‘k�L‘qjdsr�Tmhnm„�hm�sgd�enql�ne�‘�Fqddm�O‘pdq+�vghbg�‘hlr�sn9�• tmknbj� lnqd� hmudrsldms� enq� ‘kk� bnlp‘mhdr+�

drpdbh‘kkx�RLDr+�‘mc�enq�hmeq‘rsqtbstqd�pqnidbsr:��• ‘ssq‘bs� lnqd� hmudrsldms� hmsn� sgd� DT� eqnl� sgd� qdrs�

ne�sgd�vnqkc:�‘mc��• l‘jd� sgd� ehm‘mbh‘k� rxrsdl� lnqd� rs‘akd� ax� npdmhmf�

tp�‘�vhcdq�q‘mfd�ne�etmchmf�rntqbdr-��Sghr� knmf,sdql�pqnidbs+�vghbg�vhkk�cd‘k�vhsg� snphbr�rtbg�‘r� hmrnkudmbx� ‘mc� rdbtqhshdr� k‘vr+� ‘mc� s‘w� sqd‘sldmsr+�vhkk�pqhnqhshrd�hm�sgd�bnlhmf�lnmsgr�sgd�enkknvhmf�rsdpr9�• cdudknp� pqnpnr‘kr� sn� dmbntq‘fd� ghfg� pt‘khsx�

rdbtqhshr‘shnm� ‘mc� eqdd� tp� a‘mj� a‘k‘mbd� rgddsr� sn�kdmc:�

• qduhdv� sgd� Oqnrpdbstr� Chqdbshud� sn� l‘jd� hs� d‘rhdq�enq�ehqlr+�p‘qshbtk‘qkx�rl‘kkdq�nmdr+�sn�q‘hrd�etmchmf�‘mc�qd‘bg�hmudrsnqr�bqnrr�anqcdq:�

• rs‘qs� vnqj� nm� hlpqnuhmf� sgd� ‘u‘hk‘ahkhsx� ne� bqdchs�hmenql‘shnm� nm� RLDr� rn� sg‘s� hs� hr� d‘rhdq� enq�hmudrsnqr�sn�hmudrs�hm�sgdl:�

• vnqj� vhsg� sgd� hmctrsqx� sn� pts� hmsn� pk‘bd� ‘� p‘m,Dtqnpd‘m� pqhu‘sd� pk‘bdldms� qdfhld� sn� dmbntq‘fd�chqdbs�hmudrsldms�hmsn�rl‘kkdq�atrhmdrrdr:�‘mc�

• rtppnqs� sgd� s‘jd,tp� ne� mdv� Dtqnpd‘m� knmf,sdql�hmudrsldms� etmcr� sn� bg‘mmdk� hmudrsldms� hm�hmeq‘rsqtbstqd�‘mc�nsgdq�knmf,sdql�pqnidbsr-�

�Gdmbd� hm� p‘q‘kkdk+� sgd� Bnllhrrhnm� qdkd‘rdc� ‘�bnmrtks‘shnm�cnbtldms�nm�‘m�DT� eq‘ldvnqj� enq�rhlpkd+�sq‘mrp‘qdms�‘mc�rs‘mc‘qchrdc�rdbtqhshr‘shnm�‘mc�‘mnsgdq�bnmrtks‘shnm�nm�‘�Qduhdv�ne�sgd�Oqnrpdbstr�Chqdbshud-��

ESBG position

DRAF�cndr�mns�‘fqdd�vhsg�sgd�‘ppqn‘bg�vghbg�bnmrhrsr�ne� dmbntq‘fhmf� nmd� lncdk� ‘f‘hmrs� ‘mnsgdq� fl� b‘phs‘k�l‘qjds�etmchmf�ur-�a‘mj�etmchmf�fl�sn�‘ccqdrr�sgd�hrrtd�ne�sgd�cdbqd‘rd�hm�a‘mj�kdmchmf-�Sghr� hr�mns�‘bbdps‘akd�‘r� hs� hr� mns� hm� sgd� hmsdqdrs� ne� sgd� dbnmnlx-� Sgd� qnkd� ne�a‘mjr� hr� sn� pqnuhcd� knmf,sdql� ehm‘mbhmf�‘mc� sn�pqnsdbs�sgd�cdpnrhsnqr-�Sgd�nsgdq�hmsdqldch‘qhdr&�’rtbg�‘r�‘rrds�l‘m‘fdqr(� qnkd� hr� mns� sn� pqnsdbs� cdpnrhsnqr� ats� sn�pqnuhcd�qdstqmr-�He�sgd�a‘mjr�‘qd�mns�s‘jhmf�sgd�qhrj�enq�sgd� sq‘mrenql‘shnm� ne� cdpnrhsr� hmsn� knmf,sdql�hmudrsldmsr+�sgdm�sgd�r‘udq�hr�chqdbskx�s‘jhmf�sgd�qhrjr-�Sgd� a‘mjr&� qnkd� hr� sn� ‘rrdrr� sgd� qhrjr+� vghkd�hmrshstshnm‘k�hmudrsnqr�‘qd�mns�‘akd�sn�cn�rn�btqqdmskx-��Vhsg� qdf‘qcr� sn� sgd� ‘bbdrr� sn� ehm‘mbd� enq� RLDr+� sgdrd�bnlp‘mhdr�‘qd�mns�‘�fnnc�s‘qfds�enq�b‘phs‘k�l‘qjdsr�‘r�8/$�ne�RLDr�g‘ud�kdrr�sg‘m�4�dlpknxddr-�Sgdrd�RLDr�‘qd�adrs�rdqudc�ax�a‘mjr�‘r�sgdx�g‘ud�bnms‘bs�vhsg�knb‘k�bnlltmhshdr�‘mc�sgd�cdpnrhsr�sg‘s�b‘m�ad�sq‘mrenqldc�hmsn� ‘cdpt‘sd� kdmchmf-� Gnvdudq+� DRAF� vdkbnldr� sgd�Bnllhrrhnm&r� hmsdmshnm� sn� rtppnqs� ghfg,pt‘khsx�rdbtqhshr‘shnm� pqnctbsr-� Dwpknqhmf� ‘� pqdedqdmsh‘k�sqd‘sldms�enq�sgdrd�pqnctbsr�dldqfdr�‘r�‘m�hlpnqs‘ms�vnqj�rsqd‘l�hm�sgd�rgnqs�sdql�‘mc�sgd�hmctrsqx�rs‘mcr�qd‘cx�sn�vnqj�vhsg�sgd�‘tsgnqhshdr�nm�hs-��Hm� qdrpnmrd� sn� sgd� bnmrtks‘shnm� k‘tmbgdc� ax� sgd�Dtqnpd‘m� Bnllhrrhnm� hm� sgd� enql� ne� sgd�‘enqdldmshnmdc�Fqddm�O‘pdq+�DRAF�hr�hm�sgd�pqnbdrr�ne�dwpknqhmf� sgd� snnkr� ‘mc� hmhsh‘shudr� vghbg� bntkc�bnmsqhatsd� sn� enrsdq� RLDr&� ‘bbdrr� sn� ehm‘mbd� ‘mc�hmeq‘rsqtbstqd� ehm‘mbhmf-� S‘w� a‘qqhdqr+� sqd‘sx� qdkhde� ‘s�rntqbd+� ‘mc� g‘qlnmhrhmf� m‘shnm‘k� hmrnkudmbx� k‘vr� vhkk�‘krn� ad� b‘qdetkkx� rbqtshmhrdc� ‘r� bqtbh‘k� dkdldmsr� sn�gdkp�sgd�BLT�sn�rtbbddc-��

ANTI-MONEY LAUNDERING Background

Hm� 1/01� sgd� Ehm‘mbh‘k� @bshnm� S‘rj� Enqbd� ’E@SE(�ptakhrgdc� qdbnlldmc‘shnmr� qdf‘qchmf� ‘�bnlpqdgdmrhud� ‘mc� bnmrhrsdms� eq‘ldvnqj� ne�ld‘rtqdr�vghbg�bntmsqhdr�rgntkc�hlpkdldms�hm�nqcdq�sn� bnla‘s� lnmdx� k‘tmcdqhmf� ‘mc� sdqqnqhrs� ehm‘mbhmf+�‘r�vdkk�‘r�sgd�ehm‘mbhmf�ne�pqnkhedq‘shnm�ne�vd‘pnmr�ne�l‘rr� cdrsqtbshnm-� Nm� 4� Edaqt‘qx� 1/02+� sgd� Dtqnpd‘m�Bnllhrrhnm� ptakhrgdc� ‘� pqnpnr‘k� enq� ‘� Entqsg� @msh,Lnmdx�K‘tmcdqhmf� Chqdbshud� ’3sg�� @LKC(+� vghbg� etkkx�s‘jdr� hmsn� ‘bbntms� sgd� E@SE�Qdbnlldmc‘shnmr�eqnl�1/01� ‘mc� fndr� dudm� etqsgdq� hm� ‘� mtladq� ne� ehdkcr-� Hs�‘krn� s‘jdr� hmsn� ‘bbntms� rpdbhehbhshdr� qdk‘sdc� sn� sgd�pnkhshb‘k� ‘mc� kdf‘k� m‘stqd� ne� sgd� Dtqnpd‘m� Tmhnm� ‘mc�hsr�rhmfkd�l‘qjds-��

  ESBG Positions 15

State of play

Hm� Itmd� 1/03� sgd� Odql‘mdms� Qdpqdrdms‘shudr�Bnllhssdd� ’BNQDODQ(� f‘ud� ‘� l‘mc‘sd� sn� sgd� Hs‘kh‘m�DT�Bntmbhk�Oqdrhcdmbx�sn�dmsdq�sqh‘knftd�mdfnsh‘shnmr�vhsg� sgd� DT� O‘qkh‘ldms� ‘mc� sgd� Dtqnpd‘m�Bnllhrrhnm-� Nm� 05� Cdbdladq� 1/03� sgd� sqh‘knftd�p‘qsmdqr�‘fqddc�nm�‘�bnlpqnlhrd-�Nm� 0/�Edaqt‘qx�1/04� sgd� Bntmbhk� ne� sgd� DT� ‘ppqnudc� sgd� pnkhshb‘k�‘fqddldms� qd‘bgdc� vhsg� sgd� Dtqnpd‘m� O‘qkh‘ldms�nm� sgd� sdws� ne� sgd� pqnpnrdc� 3sg� @LKC� ‘esdq� sgd�O‘qkh‘ldms&r� DBNM� ‘mc� KHAD� Bnllhssddr� g‘c�enql‘kkx� ‘cnpsdc� sgd� ehm‘k� bnlpqnlhrdr� nm� 16�I‘mt‘qx�1/04-�Sgd�sdws�ltrs�mnv�ad�bnmehqldc�hm�‘�rdbnmc� qd‘chmf� ax� sgd� Okdm‘qx� ne� sgd� Dtqnpd‘m�O‘qkh‘ldms� hm� L‘qbg� nq� @pqhk� 1/04-� @esdqv‘qcr+�Ldladq� Rs‘sdr� vhkk� g‘ud� svn� xd‘qr� sn� sq‘mrpnrd�sgd� chqdbshud� hmsn� m‘shnm‘k� k‘v-� Sgd� qdftk‘shnm� vhkk�ad�chqdbskx�‘ppkhb‘akd-��Enkknvhmf� sgd� O‘qhr� sdqqnqhrs� ‘ss‘bjr� hm� I‘mt‘qx�1/04+� sgd� Dtqnpd‘m� Bnllhrrhnm� lhfgs� pnrrhakx�‘mmntmbd� etqsgdq� ld‘rtqdr� hm� sgd� ehfgs� ‘f‘hmrs�sdqqnqhrl� ehm‘mbhmf� ’d-f-� nm� uhqst‘k� btqqdmbhdr+�adssdq� bnnpdq‘shnm� vhsg� DTQNONK� dsb-(-�Cdbk‘q‘shnmr� ‘mmdwdc� sn� sgd� chqdbshud� ax� Eq‘mbd+�sgd�Dtqnpd‘m�Bnllhrrhnm�‘mc�sgd�Bntmbhk� hmchb‘sd�sg‘s� sgdqd� hr� sgd� vhkkhmfmdrr� enq� etqsgdq� rsdpr� hm�sghr�qdrpdbs-��ESBG position

DRAF� vdkbnldr� sgd� hmsqnctbshnm� ne� ‘� qdfhrsdq� ne�admdehbh‘k� nvmdqr+� ‘m� DRAF� jdx� cdl‘mc+� vghbg�v‘r� mns� hmbktcdc� hm� sgd� Bnllhrrhnm&r� hmhsh‘k�pqnpnr‘k� ‘mc� g‘c� e‘bdc� nppnrhshnm� ax� rdudq‘k�Ldladq� Rs‘sdr-� Sgd� ‘fqddc� sdws� fhudr� ‘bbdrr� sn�hmenql‘shnm�qdf‘qchmf�sgd�admdehbh‘k�nvmdq�rtbg�‘r�m‘ld+�lnmsg�‘mc�xd‘q�ne�ahqsg+�m‘shnm‘khsx+�bntmsqx�ne�qdrhcdmbd+�m‘stqd�‘mc�‘ppqnwhl‘sd�dwsdms�ne�sgd�admdehbh‘k�hmsdqdrs�gdkc-�DRAF�sghmjr�hs�drrdmsh‘k�sn�deehbhdmskx� bnmmdbs� sgd� cheedqdms� m‘shnm‘k� qdfhrsdqr-�Sghr� vhkk� ad� rtaidbs� sn� ‘� Bnllhrrhnm� qdpnqs� sn� ad�rtalhssdc�entq�xd‘qr�‘esdq�sgd�chqdbshud&r�dmsqx�hmsn�enqbd� vghbg� lhfgs� ‘krn� ad� ‘bbnlp‘mhdc� ax� ‘�qdrpdbshud�kdfhrk‘shud�pqnpnr‘k-�DRAF�vhkk�b‘qdetkkx�lnmhsnq�sgd�cdudknpldmsr�hm�sghr�qdrpdbs-���DRAF� vdkbnldr� sgd� hmsqnctbshnm� ne� ‘� qdfhrsdq� ne�pnkhshb‘kkx� dwpnrdc� pdqrnmr� ’ODOr(� ats� g‘c� b‘kkdc�enq� ‘� chrshmbshnm� adsvddm� enqdhfm� ‘mc� cnldrshb�ODOr-�@ksgntfg�sghr�pnhms�g‘c�addm�s‘jdm�tp�ax�sgd�Dtqnpd‘m� Bnllhrrhnm� hm� hsr� kdfhrk‘shud� pqnpnr‘k�‘mc� v‘r� rtppnqsdc� ax� sgd� Dtqnpd‘m� O‘qkh‘ldms+�sgd� Bntmbhk� g‘r� dmshqdkx� hlpnrdc� hsr� pnrhshnm� ne� mn�knmfdq� chrshmfthrghmf� adsvddm� cnldrshb� ‘mc�enqdhfm�ODOr�‘mc�sqd‘shmf�‘kk�ODOR�‘r�ghfg�qhrj-��Hm� bnmsq‘rs+� sgd� hlpnqs‘ms� DRAF� cdl‘mc� sg‘s� sgd�pqnbdrrhmf� ne� c‘s‘� sn� ehfgs� ‘f‘hmrs� lnmdx�k‘tmcdqhmf�‘mc�sdqqnqhrs�ehm‘mbhmf�mddcr�sn�ad�rddm�‘r�‘�l‘ssdq�ne�ptakhb� hmsdqdrs�’sn�mns� hmsdqedqd�vhsg�

c‘s‘� pqnsdbshnm� qdftk‘shnmr(� g‘r� addm� hmbktcdc� hm�sgd�sdws-���@cchshnm‘kkx+� DRAF� rtppnqsdc� ‘m� nakhf‘shnm� ne� sgd�Bnllhrrhnm� sn� pqnuhcd� ‘� khrs� ne� dpthu‘kdms� sghqc�bntmsqhdr� ’_vghsd� khrs&(-� Bnmrhcdqhmf� sg‘s� sgd�Dtqnpd‘m� Bnllhrrhnm� pqnpnrdc� ‘ankhrghmf� ‘mx�rtbg� khrsr+� DRAF� vdkbnldr� sgd� bnlpqnlhrd� sdws�vghbg�bnms‘hmr�‘s� kd‘rs�‘�qdpthqdldms� sn�pqnuhcd�‘�khrs�ne�bntmsqhdr�vhsg�cdehbhdmbhdr�’_ak‘bj�khrs&(-��Ehm‘kkx+�DRAF�g‘r�bqhshbhrdc�sgd�k‘bj�ne�dw‘lpkdr�ne�qtkdr� enq� rhlpkhehdc� btrsnldq� ctd� chkhfdmbd�pqnbdctqdr�‘mc�g‘r�e‘untqdc�sn�bnmshmtntrkx�‘ppkx�sgd� pqnuhrhnmr� ne� sgd� 2qc� @LKC-� Tmenqstm‘sdkx+� ‘kk�khrsdc� rdbsnq,rpdbhehb� dw‘lpkdr� hm� @mmdw� HH� enq�rhlpkhehdc� ctd� chkhfdmbd� vdqd� cqnppdc� hm� sgd� ehm‘k�bnlpqnlhrd+�‘esdq�sgd�LDOr�g‘c�addm�bnmuhmbdc�sn�s‘jd�sgdl�tp-��Key messages

Rnld�hlpnqs‘ms�DRAF�cdl‘mcr�g‘ud�addm�s‘jdm�hmsn�‘bbntms� hm� sgd� bnlpqnlhrd� sdws� ne� sgd� 3sg� @LKC-�@esdq� sgd� ‘cnpshnm� ne� sgd� chqdbshud� hm� L‘qbg� nq� @pqhk�1/04+�DRAF�vhkk�rs‘qs�hsr�kdudk�1,vnqj�‘mc�lnmhsnq�sgd�hlpkdldms‘shnm� ne� sgd� mdv� chqdbshud-� Hm� p‘qshbtk‘q+�DRAF� pk‘mr� sn� rtppnqs� ‘� bnnqchm‘sdc� rds,tp� ne�admdehbh‘k�nvmdqrghp�qdfhrsdqr-�����

SHAREHOLDER RIGHTS DIRECTIVE Background

Hm� @pqhk� 1/03� sgd� Dtqnpd‘m� Bnllhrrhnm� pqdrdmsdc�‘� pqnpnr‘k� enq� sgd� qduhrhnm� ne� sgd� Rg‘qdgnkcdq�Qhfgsr� Chqdbshud+� vghbg� v‘r� sq‘mrpnrdc� hmsn�Ldladq� Rs‘sdr&� k‘v� hm� 1//8-� Sgd� a‘bjfqntmc� enq�sgd� qduhrhnm� ne� sghr� chqdbshud� hr� sg‘s� sgd� bqhrhr� g‘r�rgnvm� sgd� qhrj� ne� rg‘qdgnkcdqr� rtppnqshmf�l‘m‘fdqr&� dwbdrrhud� rgnqs,sdql� qhrj� s‘jhmf� ‘mc�mns� lnmhsnqhmf� bknrdkx� sgd� bnlp‘mhdr� sgdx� hmudrs�hm-� Vhsg� sghr� pqnpnr‘k� sgd� Bnllhrrhnm� mnv� v‘msr�sn� s‘bjkd� bnqpnq‘sd� fnudqm‘mbd� rgnqsbnlhmfr�qdk‘shmf� sn� khrsdc� bnlp‘mhdr� ‘mc� sgdhq� an‘qcr+�rg‘qdgnkcdqr� ’hmrshstshnm‘k� hmudrsnqr� ‘mc� ‘rrds�l‘m‘fdqr(+� hmsdqldch‘qhdr� ‘mc� pqnwx� ‘cuhrnqr� ’h-d-�ehqlr� pqnuhchmf� rdquhbdr� sn� rg‘qdgnkcdqr+� mns‘akx�unshmf�‘cuhbd(-���State of play

Sgd� kd‘chmf� Bnllhssdd� nm� Kdf‘k� @ee‘hqr� pk‘mr� sn�‘cnps� sgd� chqdbshud� ax� 13� L‘qbg� 1/04-� Sgd� btqqdms�

  ESBG Positions 16

K‘suh‘m� Oqdrhcdmbx� ne� sgd� Bntmbhk� ne� sgd� Dtqnpd‘m�Tmhnm+� hm� sgd� ehqrs� g‘ke� ne� 1/04+� ‘mmntmbdc� hm� sgdhq�vnqj� pqnfq‘lld� sg‘s� sgdx� vhkk� rddj� ‘� Bntmbhk�l‘mc‘sd� sn� rs‘qs� sqh‘knftdr� vhsg� sgd� Dtqnpd‘m�O‘qkh‘ldms-�Sgd�‘cnpshnm�ne�sgd�ehm‘k�udqrhnm�ne�sgd�chqdbshud�hr�dwpdbsdc�sn�ad�hm�rtlldq�1/04-��ESBG position

DRAF�hr�fdmdq‘kkx�bnmbdqmdc�sg‘s�sgd�‘ldmcldmsr�chrbtrrdc� hm� sgd� pqnpnrdc� chqdbshud� vhkk� hmbqd‘rd�atqd‘tbq‘bx� ‘mc� bnrsr� enq� rs‘jdgnkcdqr� vhsgnts�bnqqdrpnmchmf� admdehsr-� Enq� sghr� qd‘rnm+� DRAF�vdkbnldr� sgd� chrbtrrdc� ‘ldmcldmsr� vghbg�hmbqd‘rd� deehbhdmbx� ‘mc� c‘s‘� sq‘mrp‘qdmbx� sgqntfg�‘� nmd,enq,‘kk� bnkkdbshnm� pqnbdrr� ax� rgheshmf�qdrpnmrhahkhsx� enq� sgd� bnkkdbshnm� ne� c‘s‘� nm�rg‘qdgnkcdqr� sn� sgd� Bdmsq‘k� Rdbtqhshdr�Cdpnrhsnqhdr� ’BRCQ(-� DRAF� hr� bnmbdqmdc� ax� sgd�qhrj� ne� pnsdmsh‘k� ‘atrd� sgqntfg� qdpd‘sdc� bnlp‘mx�qdptdrsr� enq� hmenql‘shnm� vghbg� g‘r� mns� xds� addm�‘ccqdrrdc�hm�sgd�pqnpnrdc�chqdbshud-���Etqsgdqlnqd+� qdf‘qchmf� sgd� qdsdmshnm� ne� c‘s‘� ax�bnlp‘mhdr.hmsdqldch‘qhdr� sgd� chqdbshud� rgntkc�qdekdbs� sg‘s� rnld� rg‘qdgnkcdqr� ‘qd� knmf,sdql�gnkcdqr-�Sgtr+�vghkd�‘�pdqrnm�hr�rshkk�‘�rg‘qdgnkcdq�mn� bnlp‘mx.hmsdqldch‘qx� rgntkc� ad� enqbdc� sn� fds�qhc� ne� c‘s‘� sg‘s� sgdx� rshkk� mddc� sn� etkehk� bnmsq‘bst‘k�nakhf‘shnmr-� @f‘hmrs� sgd� a‘bjfqntmc� ne� u‘qhntr�bqnrr,anqcdq� sq‘mr‘bshnmr� nm� sgd� rsnbj,l‘qjds+�bnlp‘mhdr� ’sgqntfg� hmsdqldch‘qhdr(� ‘krn� mddc� sn�pqnuhcd� rg‘qdgnkcdqr� vhsg� hmenql‘shnm� nm� sgd�dwdqbhrd� ne� sgdhq� qhfgsr� hm� Dmfkhrg-� Sgd� chqdbshud�rgntkc� ‘cchshnm‘kkx+� hm� uhdv� ne� rg‘qdgnkcdqr� vgn�lhfgs�mns�ad� hmsdqdrsdc� hm�qdbdhuhmf� sgd�qdrpdbshud�hmenql‘shnm+� bnms‘hm� ‘� _qhfgs� mns� sn� qdbdhud�hmenql‘shnm&-� DRAF� ‘ppqdbh‘sdr� sgd� bk‘qhehb‘shnm� hm�sgd� pqnpnrdc� chqdbshud� tmcdq� @qshbkd� 2c� sg‘s� sgd�hmsdqldch‘qhdr� b‘m� bg‘qfd� pqhbdr� nq� eddr� enq� sgdhq�rdquhbd-���Qdf‘qchmf� sgd� pqnpnrdc� chqdbshud&r� pqnuhrhnmr� nm�qdltmdq‘shnm� ’@qshbkd� 8‘� ‘mc� 8a(� DRAF� rtppnqsr� ‘�_bnlpkx�nq�dwpk‘hm&�‘ppqn‘bg�vghbg�‘kknvr�Ldladq�Rs‘sdr� sn� bqd‘sd� ‘� eq‘ldvnqj� vghbg� hr� hm� khmd� vhsg�sgdhq� btkstqd+� sq‘chshnmr� ‘mc� mddcr� ’enq� hmrs‘mbd� sn�bnmrhcdq� sgd� jdx� qnkd� ne� sgd� rtpdquhrnqx� an‘qc� hm�ct‘khrshb� rxrsdlr(-� K‘rs� ats� mns� kd‘rs+� sgd�pqnuhrhnmr� nm� qdk‘sdc� p‘qsx� sq‘mr‘bshnmr� ’@qshbkd�8b(� rgntkc� ad� ‘ldmcdc� hm� ‘� v‘x� sg‘s� sgdx� cn� mns�ghmcdq� rl‘kk� rb‘kd� sq‘mr‘bshnmr-� Ehm‘kkx+� DRAF�sghmjr� sg‘s+� enq�qd‘rnmr�ne�pq‘bshb‘ahkhsx�‘r�vdkk�‘r�sn� u‘ktd� sgd� pqhmbhpkd� ne� pqnpnqshnm‘khsx+�sq‘mr‘bshnmr�dmsdqdc� hmsn� hm� sgd�nqchm‘qx�bntqrd�ne�atrhmdrr� nq� bnmbktcdc� nm� l‘qjds� sdqlr.l‘qjds�dpthu‘kdms� sdqlr�rgntkc�ad�nts�ne� sgd�rbnpd�ne� sgd�chqdbshud-� DRAF� g‘r� rg‘qdc� hsr� uhdvr� nm� sgd�chqdbshud� vhsg� hmsdqdrsdc� LDOr� ‘r� vdkk� ‘r� vhsg� sgd�K‘suh‘m�Oqdrhcdmbx�ne�sgd�Bntmbhk-�Rnld�pnhmsr�sg‘s�

‘qd� ne� hlpnqs‘mbd� enq� DRAF� g‘ud� ‘krn� addm�‘bjmnvkdcfdc�ax�LDOr-��Key messages

Sn� hmbqd‘rd� pq‘bshb‘ahkhsx� ‘mc� ed‘rhahkhsx� ne� sgd�pqnpnrdc� chqdbshud+� rnld� snphbr� mddc� sn� ad�pqnbdrrdc� etqsgdq-� Hm� rtll‘qx+� DRAF� vdkbnldr�sgd� kdfhrk‘snq� sn� ‘ldmc� @qshbkd� 2‘+� a� ‘mc� b� ne� sgd�pqnpnrdc� chqdbshud� hm� ‘� v‘x� sg‘s� bnlpkhdr� vhsg�pq‘bshb‘k� mddcr� ‘mc� qdekdbsr� sgd� qd‘khsx� ne� sgd�bqnrr,anqcdq� rsnbj� l‘qjds-� Qdf‘qchmf� @qshbkd� 8‘�‘mc� a� DRAF� sghmjr� hs� hr� drrdmsh‘k� sg‘s� sgd�pqnuhrhnmr� ‘kknv� Ldladq� Rs‘sdr� sn� bqd‘sd� ‘� kdf‘k�eq‘ldvnqj� vghbg� bnlpkhdr� vhsg� sgd� dwhrshmf�m‘shnm‘k� kdfhrk‘shnm� ‘mc� hr� hm� khmd� vhsg� m‘shnm‘k�mddcr-� Ehm‘kkx+� @qshbkd� 8b� rgntkc� ad� ‘ldmcdc� hm� ‘�v‘x�sg‘s�rdqudr�sgd�pqhmbhpkd�ne�pqnpnqshnm‘khsx�‘mc�mdhsgdq� ghmcdqr� rl‘kk� rb‘kd� sq‘mr‘bshnmr� mnq�dwbdrrhudkx� bnlpkhb‘sdr� sq‘mr‘bshnmr� dmsdqdc� hmsn�hm�sgd�nqchm‘qx�bntqrd�ne�atrhmdrr-���������

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