The European Parliament’s Constitutional Affairs Committee has voted in favour of a draft resolution tabled by the German MEP Karl von Wogau and aimed at creating a single market for financial securities as soon as possible.

At the meeting, MEPs put forward recommendations that will ensure a role for Parliament once the legislation reaches the implementation stage. The committee also decided to ask the Commission to treat both the Council and Parliament as equals at this stage.

The committee has agreed to ask the commission for a formal declaration that the European Parliament will still have a say in the implementation process even after the first reading. Committee members said it is vital for Parliament to have three months in which to examine any measures covering the legislation's introduction.

According to a European parliament spokesman this reflects the committee’s desire to speed up the legislative process so that legislation can be adopted at the first reading whenever possible.

At the meeting the Committee recommended the creation of a market participants’ advisory committee to be run under the auspices of the regulators’ committee. It said it considers this important to provide a means for market operators and consumers to respond to any of the proposals. In addition it wants to see what it calls a sunset clause allowing a revision of the Commission’s powers after a four year period.

The resolution will be voted at the February plenary session.