And its efficiency is carried by the ECB's prestige since the new ESRB will not be able to impose measures or sanctions on member states or financial institutions, and its warnings will not binding. Their effectiveness depends on the high reputation of the European Central Bank (ECB) and the recognized expertise of its staff.

In particular, competent authorities should appraise the suitability of the proposed acquirer and the financial soundness of the proposed acquisition against all of the following criteria: the reputation of the proposed acquirer; the reputation and experience of any person who will direct the business of the investment firm; the financial soundness of the proposed acquirer; whether the investment firm will be able to comply with the prudential requirements based on this Directive and other Directives, notably, Directives 2002/87/EC ...[+++][30] and 2006/49/EC[31]; whether there are reasonable grounds to suspect that money laundering or terrorist financing within the meaning of Article 1 of Directive 2005/60/EC[32] is being or has been committed or attempted, or that the proposed acquisition could increase the risk thereof.

16. Calls upon the Commission to review its audit strategy and to reorganise existing audit structures and staff and, not least in view of the possible resource constraints, to consider closer cooperation with national experts from the Member States' administrations in the financial management of EDF funds in general and the extended use of well known and highly reputable private enterprises from the Member States in the execution of programmes and individual projects;

16. Calls upon the Commission to review its audit strategy and to reorganise existing audit structures and staff and, not least in view of the possible resource constraints, to consider closer cooperation with national experts from the Member States' administrations in the financial management of EDF funds in general and the extended use of well known and highly reputable private enterprises from the Member States in the execution of programmes and individual projects;

16. Calls upon the Commission to review its audit strategy and to reorganise existing audit structures and staff and, not least in view of the possible resource constraints, to consider closer cooperation with national experts from the Member States' administrations in the financial management of EDF funds in general and the extended use of well known and highly reputable private enterprises from the Member States in the execution of programmes and individual projects;

The Commission proposes: - relating the existing requirement that a new entrant should be of `good repute', more specifically to transport, by requiring that the person should not have been convicted for the previous three years of any offence which would make him or her unsuitable for the transport business, such as offences against the drivers' hours, road safety or management regulations. - the `appropriate financial standing' required by the original directive would be supplemented by a financial guarantee representing 10 per cent of the value as new of each vehicle used ...[+++]in the enterprise - that anyone wishing to establish a road transport business should automatically take an examination in a range of subjects set out in the original directive.