Amendments for free – MEPs work with lobbyists to water down derivatives legislation

kristy SRI/ESG News


New article from Corporate Europe Observatory

Three MEPs were recently caught red-handed after tabling amendments to
EU-legislation in return for money. This was a major scandal. But Corporate
Europe Observatory has found that it is still standard practice in the
Parliament for lobbyists to draft amendments – as this investigation into
the Parliament’s work on financial reform reveals.

The European Parliament is currently gearing up for an important vote on
financial market regulation on 24 May – on derivatives. As is the army of
financial sector lobbyists which has previously proved so effective in
rigging votes to serve the interests of the finance industry. And once again
lobbyists have succeeded in persuading MEPs to table amendments reflecting
the financial industry’s interests.