§ Mr. Tim SmithTo ask the Secretary of State for Trade and Industry whether he has received any new proposals for directives on financial services for the European Commission in the past six months; and whether he has been notified of any forthcoming such proposals.
§ Mr. Redwood[holding answer 5 December 1990]: There have been three main new proposals for directives on financial services from the European Commission in the last six months. In the insurance field proposals for the non-life framework directive (OJ No. C244; 28/9/90) and the insurance committee directive (Com. (90) 344—final) were submitted to the Council in September 1990. The Commission also put a proposal to the Council on 3 October for a directive on consolidated supervision of banks, replacing the consolidated supervision directive of June 1983.
I have been notified of two major forthcoming proposals on which my Department will be in the lead. In the insurance sector, a proposal for a life framework directive is expected shortly. The Commission is also 181W expected to propose, before the end of 1992, a directive harmonising arrangements for investor compensation throughout the EC.