Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-12-13-Speech-4-066"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20011213.4.4-066"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
".
The report by my colleague, Fernando Pérez Royo, on financial collateral arrangements is an important step towards standardising the legal regime governing financial instruments in Europe. Like my colleague, I attach great importance to the harmonisation of these markets, within a reasonable period of time. This is what Mr Pérez Royo's work seeks to achieve.
Although, overall, the report is based on the same model of future European financial markets I myself have in mind, the French socialists have not supported the rapporteur on three points.
Article 2(4) broadens the scope of application of the directive to all market participants and thus modifies the order of preferential creditors in the event of bankruptcy. This compromises companies' chances of recovery by transferring ownership of their assets to creditor banks, bypassing preferential creditors (employees, tax and social security bodies).
Article 6 provides for the use by the collateral taker of the financial instruments' collateral held under the security financial collateral arrangement; these provisions give rise to difficulties related to ownership rights and traceability of securities and thus threaten the transparency of European financial markets.
Finally, Article 10(2), as amended by Amendment No 17, deletes the precise localisation criteria, thus making any credible attempt to increase the transparency of our financial markets doomed to failure and pre-empting the conclusions of the Hague Conference on International Private Law.
Since the vote in the plenary confirmed the rapporteur's choice to broaden the scope of the directive, the French socialists voted against the text as a whole."@en1
|
Named graphs describing this resource:
The resource appears as object in 2 triples