Better governance and supervision of financial services

With regard to the Parmalat case, the EU Parliament feels obliged to address a resolution primarily addressed to the EU Commission.
Among other things, it demands:

•     From the financial services industry to demonstrate its commitment to ethical conducts by doubling its efforts to bring the minority of dishonest market participants to justice.
• The financial institutions involved, if they acted at fault, to reimburse money to the investors.
• The creation of a single financial supervisory authority in the long term
• The modernisation of company law by the Commission, including the requirement for regular changes of audit partners, and the strengthening of auditors by increasing their independence from the management, e.g. by appointing independent board members
• Agreement with the Commission and progress on the Transparency Directive
• A rapid proposal for a third Money Laundering Directive by the Commission

You can find the complete resolution here.