Credit Institutions and Investment Firms

Which proves the point that we need to ensure that we negotiate firmly. The motion before us is worded correctly. It focuses very much on subsidiarity, and on article 443 and the proposals that would give the Commission the right to vary national regulations, even though it would prevent member states from changing their own rules beyond the maximum harmonisation arrangements—a step, I believe, too far. I agree with the draft reasoned opinion and, therefore, with the motion that the Clerk of the House forward this view to the presidents of the European institutions. Article 443 does indeed go too far, and it would not be appropriate. Paragraph 18 of the European Scrutiny Committee's report sums that up well, stating there is no evidence to prove that"““the Commission is better placed than the competent authorities of Member States to address national prudential concerns. Indeed, there is a strong argument to say that national authorities are not only better placed, but can react more quickly than the Commission can by means of delegated legislation, thereby enhancing financial stability.””"