Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-12-12-Speech-2-302"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2000-12-12"^^xsd:date2
dcterms:Is Part Of	lp_eu:Takeover bids2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20001212.14.2-302"2
lpv:hasSubsequent	lp_eu:2000-12-12-Speech-2-3032
lpv:speaker	lp:Diana Wallis2
lpv:spoken text	"Mr President, I fear that we are in danger of losing the plot or losing sight of what this directive is about. It is part of the financial services action plan; in our Commissioner's own words, "a key element in the creation of a fully integrated market in financial services, giving investors and consumers more choice". The proposals introduce three key elements at a time when there is a change in control of a company: protection of minority shareholders, transparency in relation to bid information and regulatory supervision of the process. But what are we in danger of doing as a Parliament, by virtue of the amendments tabled? Firstly, we are being far from transparent. Some of the amendments seem to be a covert attempt to introduce some elements of a company statute through the back door. Secondly, we are adopting rigid structures and procedures when the recommendation of the Commission was actually light-touch, allowing Member States leeway to reflect national practice in corporate culture. Lastly, the issue of clarity: the lack of this is especially evident in the debate about jurisdiction, an issue of which I have a little experience. The common position suggested some form of split arrangement. Now we have a proposition that would lead to muddle, forum shopping, potential litigation at a delicate moment in a corporate deal. This is not helpful. Jurisdiction should be solely in the hands of the Member State where the target company is registered. This is fair for minority shareholders, transparent and, above all, clear. Indeed I would ask the Commissioner to consider whether he can accept my amendment on this crucial point. The editorial today talked about bid politics: that it has taken no less than 10 years to get this draft and that we, Parliament, could destroy that in 10 minutes tomorrow by voting through misguided amendments. I hope that will not be the case."@en1
lpv:spokenAs	member; ELDR (1999-07-20--2003-03-05)3,3 substitute; Delegation to the EU-Romania Joint Parliamentary Committee (1999-09-29--2002-01-14)3,3 unknown; Liberal Democrat Party (1999-07-20--2004-07-19)3,3 vice-chair; Delegation for relations with Switzerland, Iceland and Norway (1999-07-22--2002-01-14)3,3 member; Committee on Legal Affairs and the Internal Market (1999-07-21--2002-01-14)3,3 substitute; Committee on Regional Policy, Transport and Tourism (1999-07-21--2002-01-14)3,3
lpv:unclassifiedMetadata	"Financial Times"1 "Wallis (ELDR )."1

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