Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-06-13-Speech-2-350"
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"en.20000613.20.2-350"2
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"I thank the rapporteur, Mr Berenguer Fuster, very much indeed for his report and for the helpful coordination and cooperation. The approach of the Committee on Economic and Monetary Affairs has facilitated prompt adoption of the proposal.
The aim of the proposal is to amend several financial services directives, to align them with rules already in force in the banking area in order to improve the exchange of information with third countries. The proposal is also a response to international recommendations on the exchange of confidential information. It is necessary to improve supervision of financial conglomerates. This is an aspect which was stressed by Mr Berenguer Fuster this evening and also Mr Evans. I fully agree with both of them that confidentiality of that information is absolutely essential.
The measure proposed will allow European securities and insurance regulators to exchange, on a cross-sectoral basis, confidential supervisory information with third country competent authorities. It also allows European securities and insurance regulators to exchange supervisory information with third country bodies, such as clearing and settlement systems, auditors, etc. which by virtue of their functions help to strengthen the stability of the financial system. The proposal makes clear that information is exchanged for supervisory purposes and it provides for protection of the confidentiality – the important point mentioned – of the information exchanged.
Mr Evans has spoken of the consolidation of regulatory authorities. That indeed is what happens in the United Kingdom. The Financial Services Authority, headed by Mr Howard Davies, is indeed a consolidation of regulatory authorities. That example is followed by Sweden, or perhaps it is the other way around. In other words, both in London and in Stockholm there is a consolidated regulatory apparatus.
Within the FSA in London there is a unit working with banking. There is another unit working with insurance undertakings and there is a third unit working with the stock exchange. They are under one roof, but under that one roof there are still distinct entities. Mr Evans implies that they are cooperating – and indeed they are cooperating – but cooperation means more than being under one roof. Mr Evans would like the Commission to exhort other Member States to follow the British example or the Swedish example. Opinions differ very much indeed. We are dealing here with a very sensitive question. In some countries there is consolidated regulation but in other countries there are three separate entities, for example in the Netherlands and other Member States. They say: we cooperate, so what is the worry?
I am not saying that there is no reason to be worried. A report was recently produced by a committee under the chairmanship of Mr Brouwer, who is the second in command of the Bank of the Netherlands. It was welcomed by ECOFIN. It is available on the Internet so anybody can take cognisance of it. The report says that basically, as far as banks and insurance companies are concerned, the institutional framework is adequate but it leaves aside the matter of how to deal with systemic crises. Nor does it deal with stock exchanges. But thinking does not stop. If it did we would be in a very bad position. Everybody knows what has happened in other parts of the world in the way of systemic crises. Also, everybody knows that the alliances between various stock exchanges are the order of the day. So we must give this further attention and see whether the rise of conglomerates leads to the need for further supervision. Certainly in the case of stock markets, whether we should leave everything to national supervisory instances or whether there should be something at European level is a valid question.
This thinking has not led to any firm conclusions but it is continuing. If developments are favourable then I look forward to engaging in a dialogue with this Parliament on these very matters."@en1
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