In order to avoid undue duplication of control, the competent authority shall take into account the oversight/supervision of the clearing and settlement system already exercised by the national central banks as overseers of clearing and settlement systems or by other supervisory authorities with competence in relation to such systems.

In order to avoid undue duplication of control, the competent authority shall take into account the oversight/supervision of the clearing and settlement system already exercised by the national central banks as overseers of clearing and settlement systems or by other supervisory authorities with a competence in such systems.

Therefore, this is a point which has to be resolved, but resolving it necessitates the existence of a cross-border compensation system equivalent to the national compensation systems.

9. Proposes that the forthcoming revision of Directive 93/22/EEC should provide for Member States to grant a right of access for investment firms from other Member States to central counterparty, clearing and settlement systems in their territory and that those systems should be subject to the transparent and objective criteria applicable to local participants; proposes that an information statement be drawn up identifying the fundamental differences between the Member States" laws affecting clearing and settlement systems, in order to guide market participants; considers that in the long-term the ...[+++]creation of a securities code could be envisaged; takes the view, however, that this should be a long-term goal, since it is not feasible in the short term due to the necessity of dealing with differences concerning the legal framework for sensitive issues such as company law, property rights and insolvency law; proposes that a working party of securities experts should be set up rapidly to study in detail the questions raised by harmonisation of securities legislation in the EU and to propose solutions to the abovementioned differences;

9. Proposes that the forthcoming revision of Directive 93/22/EEC should provide for Member States to grant the right of access for investment firms from other Member States to central counterparty, clearing and settlement systems in their territory and that these systems should be subject to the harmonised transparent and objective criteria applicable to local participants; proposes that an information statement be drawn up identifying the fundamental differences between the Member States’ laws affecting clearing and settlement systems, in order to guide market participants; considers that in the long-term the ...[+++]creation of a securities code could be envisaged; takes the view, however, that this should be a long-term policy ambition, since this is not a feasible short-term goal due to the necessity of dealing with differences with regard to the legal framework for sensitive issues such as company law, property rights and insolvency law; proposes that a working party of securities-law experts should be set up rapidly to study in detail the questions raised by harmonisation of securities law within the EU and to propose solutions to the differences recorded;

1. Member States may put in place a time-limited compensation scheme for the use of railway infrastructure for the demonstrably unpaid environmental, accident and infrastructure costs of competing transport modes in so far as these costs exceed the equivalent costs of rail.