The capital adequacy directive is very important.

I expect the Commission to adopt the proposal amending the capital adequacy directive in the next couple of weeks.

The investment business of credit institutions, i.e. banks, that trade in securities may also be subject to the Capital Adequacy Directive at the option of the home state.

Accompanying the proposed Investment Services Directive is the proposed Capital Adequacy Directive that will establish minimum capital requirements to be met by investment firms.

Paradoxically, we have not yet applied the Lamfalussy method to this capital adequacy directive, but are now laying down everything, including the appendices and mathematical formulas, at the level of legislators as a group.

In the European Union member states have enacted capital requirements based on the Capital Adequacy Directive CAD1 issued in 1993 and CAD2 issued in 1998.

I am pleased that Mr Radwan's report recognises the importance of proper cost benefit analysis and of tailoring the framework to the needs of different sectors affected by the capital adequacy directive.

Inevitably in this case there has been agreement on matters to do with regulation and standardisation (the Capital Adequacy Directive), which though no doubt treated as a 'competition directive' is arguably restrictive of it.

The Capital Adequacy Directive was a European directive that aimed to establish uniform capital requirements for both banking firms and non-bank securities firms first issued in 1993 and revised in 1998.

However, any such need for exemption, be it in the form of a transitional period for specific institutions or in some other form must be and, indeed, can only be assessed within the framework of work pending on the capital adequacy directive.