European Union News - Internal Market

MEPs approved a plan that has as main objective to attract private investment in transport, energy and information technology network projects. The scheme, that will be managed by the European Investment Bank (EIB), will allocate €230 million in guarantees to back the private issuance of "project bonds".

The Council adopted a regulation aimed at increasing transparency in derivatives and reducing risk in the over-the-counter (OTC) derivatives market. This adoption comes after the Council accepted all amendments voted by the Parliament at first reading on 3 July. This regulation is intended to implement commitments made by G-20 leaders in September 2009.

The European Parliament approved a new rule which was previously agreed with the Council which aims to stimulate the supply of international freight and passenger services and to improve their quality. In addition, the new rules have as objective to clarify competition rules for rail transport firms and rail infrastructure managers. Once the new directive has been approved by the Council of Ministers, it will enter into force on the day after its publication.

The Anti-Counterfeiting Trade Agreement (ACTA) was rejected by the European Parliament in plenary session. This means that it cannot become law in the EU.

The European Commission proposed a new legislative package with the aim at presenting new consumer-friendly standards for information about investments, raises standards for advice, and tightens certain rules on investment funds to ensure their safety. According to the Internal Market and Services Commissioner Michel Barnier, retail products must be safer, information standards must become clearer, and those selling products must always be subject to the highest standards.

The European Anti-Fraud Office (OLAF) published its Annual Report which summarises OLAF's achievements in 2011. Among the main results, OLAF handled 463 cases in 2011, and the highest recoveries were recorded in the structural funds sector (€524.7 million), followed by customs (€113.7 million) and agriculture (€34 million).

MEPs, in a surprise vote, decided to postpone their scrutiny on a draft EU patent law scheduled for July 2012. The reason behind this decision is the Council's last-minute wish to delete three key articles to the draft law. The European Council, however, welcomed the agreement reached by Member States on 29 June to move forward the EU patent law.