As recommended, a European Securities Committee will be set up, chaired by the Commission.

European Securities Committee (EU)

The European Securities Committee (ESC) advises the European Commission in the field of securities.

Indeed, we have incorporated around 90% of Parliament’s amendments into the Commission’s draft measures, which will be voted on by the European Securities Committee at the end of this month.

The Commission is also prepared to follow the committee's recommendation that it should take the utmost account of any parliamentary resolution adopted concerning a proposal to the European Securities Committee.

The Commission will then elaborate the regulation, which will be submitted to the European Securities Committee - including representatives of the Member States' finance ministries - and also to us in Parliament.

In this regard, the Commission commits itself to making a declaration that will be added to the minutes of the European Securities Committee on the date of the vote on the draft implementing measures.

Best execution requirements for asset management are distinct from those of the brokers, and this should be recognised in the Commission’s implementing measures currently under review by the European Parliament and the European Securities Committee.

It is based on a remarkable effort by the Commission, the European Parliament, the European Securities Committee Regulators and market players, which has resulted in the successful conclusion of the implementing measures for MIFID.

These measures were adopted by the European Commission, based on technical advice from the Committee of European Securities Regulators and negotiations in the European Securities Committee with oversight by the European Parliament.

In those circumstances, and even if the European Securities Committee had already given a positive opinion on the proposed implementing measures, the comitology decision still gives the Commission the possibility of putting forward a legislative proposal on the basis of the Treaty, i.e. through codecision.

In conformity with Articles 1 and 2 of the Interinstitutional Agreements on procedures for implementing the 1999 comitology decision, the Commission will send to Parliament all necessary documentation, draft measures and agendas of the European Securities Committee, as the Council representative just mentioned.

The CNMV also performs an important task of advising and assisting the Spanish authorities in their participation in the institutions of the European Union and is a regular adviser to the Directorate General of Treasury and Financial Policy and the European Securities Committee.