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Euro vote on directive could send Sandler suite crashing

A leading MEP has warned that a vote on amendments to the European Union investment services directive could decide the future of the Sandler suite of products.

Conservative MEP Theresa Villiers believes if proposed changes to the ISD are not adopted by the EU parliament in Strasbourg this week, the UK Government could face a major setback on Sandler.

British MEPs have lobbied for changes to the directive to make it possible for execution-only business to continue to be conducted across Europe.

This week, Villiers presents her report to the parliamentary committee considering amendments to the ISD which will vote on whether to adopt the changes. Even if it approves them, the council of ministers could still reject the changes, bouncing the directive back to the EU parliament, causing delay and uncertainty on execution-only business.

Villiers says: “It is crucial these amendments get through the plenary stage. If they fail, the Government could face real problems with the Sandler suite. The directive without changes would bring the whole stakeholder edifice crumbling.”

Labour MEP Peter Skinner says: “If the amendments fail, then the Sandler products would be at risk. We have a culture that has allowed consumers to buy off-the-shelf products and it is imperative they can continue to do this.”

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