EU News
December 2006
New motion for resolution on CSR discussed at the European Parliament
A draft resolution on CSR by Richard Howitt, Member of the European Parliament who was a keynote speaker at Eurosif’s Advisory Council meeting in early November has had its first discussion in the Employment and Social Affairs Committee, and was voted in Committee on 19 December. The articles in the resolution asking that SRI to be more properly represented in EU discussions was narrowly passed in the voting. The next step will be voting on the full resolution at the plenary level in 2007.
European Commission publishes a White Paper on enhancing the signe market framework for investment funds
The Commission has set out its vision for the modernisation of the EU framework for investment funds. The improvements, which are put forward in a White Paper, will simplify the current Directive on investment funds in order to ensure that investors receive useful cost and performance disclosures when selecting funds, and to make it easier for the industry to achieve cost savings and specialisation benefits across the single market. Following further studies on cost-effectiveness and investor protection, the Commission plans to propose these changes in autumn 2007, in the form of amendments to the current Directive.
European Parliament wants clear target for future EU Energy policy
By 2020, the EU should reduce its greenhouse gas emissions by 30% and produce 25% of its primary energy through renewables, according to the report on a European Strategy for Sustainable, Competitive and Secure Energy adopted by the European Parliament on December 14, 2006. MEPs recommend setting binding targets for greenhouse-gas reduction and energy efficiency. They also expressed support for more use of renewables but left the decision whether to use nuclear power to member states.
European Commission issues Communication on investment research
The European Commission has adopted a Communication taking stock of, and providing stakeholders with practical guidance on, the provisions of recent European legislation relating to investment research and financial analysts. The Communication responds to the report of the Forum Group on Financial Analysts, which helped inform the drafting of that legislation. For the most part, this Communication deals with the issue of conflicts of interest, and describes the main European legislation specifically addressing that topic.
The European Parliament voted on the final adoption of the REACH Regulation.
The Council formally adopted the new regulation at the Environment Council on December 19, 2006. REACH will enter into force on 1 June 2007.
Once in force, REACH will require the registration, over a period of 11 years of some 30.000 chemical substancesin use today, a process which will allow to fill information gaps on the hazards of substances and to identify appropriate risk management measures to ensure their safe use. The onus will be on industry to generate the data required and to identify the measures needed to manage the risks. In addition, REACH will allow the further evaluation of such substances where there are grounds of suspicion of risks and foresees an authorisation system for the use of substances of very high concern. This applies to substances that cause cancer, infertility in men and women, genetic mutations or birth defects and to those which are persistent and accumulate in our bodies and the environment. The Authorisation system will strongly encourage companies to switch to safer alternatives. In fact, all applications for an authorisation need to include an analysis of alternatives and a substitution plan where a suitable alternative exists.
Commission decides on first set of national allocation plans for the 2008-2012 trading period
In deciding on the first 10 national plans for allocating CO2 emission allowances to energy-intensive industrial plants for the 2008-2012 trading period under the EU Emissions Trading Scheme (EU ETS), the Commission reduced the allowances by almost 7 per cent below the emissions proposed by the national allocation plans and 7 per cent below the 2005 emissions. The plans concern Germany, Greece, Ireland, Latvia, Lithuania, Luxembourg, Malta, Slovakia, Sweden and the United Kingdom.
