Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-02-17-Speech-4-024"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2000-02-17"^^xsd:date2
dcterms:Is Part Of	lp_eu:UCITS2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20000217.2.4-024"2
lpv:hasSubsequent	lp_eu:2000-02-17-Speech-4-0252
lpv:speaker	lp:Othmar Karas2
lpv:spokenAs	unknown; Österreichische Volkspartei (1999-07-20--2004-07-19)3 member; ECON (1999-07-21--2002-01-14)3 substitute; Committee on Culture, Youth, Education, the Media and Sport (1999-07-21--2002-01-14)3 treasurer; EPP-ED (1999-09-30--2004-07-19)3 member; Delegation to the EU-Hungary Joint Parliamentary Committee (1999-10-06--2002-01-14)3
lpv:translated text	"Mr President, Commissioner, ladies and gentlemen, although many of my proposed amendments were rejected in committee, I welcome the compromise and the draft. It is my belief that, at the end of the day, we should once again point out that as far as this directive is concerned, following the introduction of the euro in 1999, it is the creation of a single European market that takes precedence. We should also cast our minds back to the disadvantages of the old regulation. Funds at national level were unable to reap the benefits of single European passport, which was provided for in the 1985 directive. The range of options for investors was limited. Innovation was not encouraged and various regulations and protective measures for investors in each country created obstacles to competition. It was therefore necessary to update the existing regulation. The new regulation will afford the following benefits: harmonisation of competition conditions and uniform and effective protection for investors – I particularly welcome the introduction of simplified prospectuses in this respect, for they will make it easier for people to compare and assess funds; alternative methods of saving are being created for the general public – this is particularly important in terms of making additional provision for old age – and there are new opportunities for enterprises to acquire capital. However, I would also like to point out that some people are a little concerned that the proposal has shown an inclination towards restricting transactions between UCITS and depositories. Inappropriate restrictions on such relationships should be avoided at all costs, for they fail to take account of the European-style universal banking culture."@en1

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