Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-12-12-Speech-3-299"
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"en.20011212.11.3-299"2
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"Mr President, this is all going more quickly than any of us thought. I would like to start by apologising on behalf of Mrs Villiers, who has just, at the end of a vote in our Group's Conservative delegation, been appointed deputy leader of the delegation, on which I warmly congratulate her. As a lot has already been said, I would like to enlarge on just a few things.
Firstly, the speakers on this item and its predecessor have set themselves a great goal. We want to do our utmost to ensure that the action plan for financial services – of which this directive is a part – is of high quality and can be adopted and implemented swiftly and in accordance with the timetable. We hope that, unlike on other occasions, the Council will not delay in producing its own position in response to the preparatory work done at least on this issue by Parliament and the Commission.
Mr Lehne, who spoke before me, has already pointed out that it was the 1998 directive on settlement finality that set up the first milestone for Europe-wide financial policy. This has to date been the only piece of European legislation governing cross-frontier securities in connection with financial transactions. We need standardised regulation in this area in order to make the internal market efficient. We need to do away with the uncertainty as regards the law applicable to transactions across borders in negotiable securities. We need to do away with the increased administrative costs that stand in the way of an integrated EU market which is more attractive in terms of cost. We need to do away with the legal uncertainty that comes with 15 different legal systems, because these differing legal systems lead to risks when securities are utilised abroad. We also need to do away with the differing legislation on insolvency. There is, then, a need for a standard minimum regulation.
This directive is the only means by which these objectives can be achieved, and so we welcome it and support the rapporteur's report and that produced by Mr Lehne of the Committee on Legal Affairs and the Internal Market. Many thanks! We hope that it will be possible swiftly to implement this report by Parliament, together with the Commission's proposals, and thus turn them into a reality."@en1
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