I should like to say that, with good will on the part of the Council and the Commission, this callback right could be included by simply amending the 1999 comitology decision to include the eventuality that, if the European Parliament feels that the Securities Committee has acted ultra vires, this must be rectified either by the Commission’s submitting a new proposal or by applying the normal codecision procedure in this area.

In this case, the Commission did not declare in Stockholm that the entire securities sector should be considered to be a sensitive sector, as requested by certain States, but it did undertake to avoid going against predominant views which might emerge within the Council in the case – and only in the case – of particularly sensitive implementing measures. In other words, in particular, the Commission will assess each case individually, and I can therefore see no reason to change the current balance between the institutions in terms of delegated powers.

Why do we not take our cue from the minimum level of protection afforded by the trade in transferable securities directive, Article 11 for example, which relates to good practice?

By deleting this word, we are taking ``securities'' out of federal jurisdiction. We believe that this is strictly a provincial jurisdiction and that the act, as it presently stands, should apply to everything else but not directly to securities.