Financial services: investor-compensation schemes

In adopting the report by Mr James JANSSEN van RAAY (EPP, NL) the European Parliament adopted several amendments to the common position of the Council, including an amendment adopted at first reading introducing a definition of the term "branch". The other amendments adopted essentially require that: - the investor-compensation schemes introduced have the power to determine whether or not an investment firm appears to be unable to meet its obligations; - the value of an investor's claim is calculated in accordance with current market rates: - the exclusion of a firm from membership of an investor protection scheme be immediate (as opposed to the twelve-month period provided for by the common position); - investors be compensated as soon as possible: the three-month period referred to in Article 9(2) should run from the date of the determination that the investment company was unlikely to meet its obligations. �