A vote on the proposed EU Investment Services Directive, scheduled to take place yesterday, has been postponed for eight weeks in order to allow MEPs, financial services industry groups, and national governments to reach a compromise.
According to reports, the Economic and Monetary Affairs Committee (EMAC) will now vote on the revised directive on September 2, and MEPs will cast their votes during the September 22-29 plenary session of the European Parliament.
It is hoped that this delay will break the deadlock which currently exists with regard to the directive. Banks in particular are thought to be unhappy with the proposed law, which significantly increases their transparency obligations.
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