Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-03-13-Speech-3-328"
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"en.20020313.12.3-328"2
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"Madam President, with financial instruments becoming ever more complicated and data being transmitted over the Internet in a matter of seconds, it is no longer easy to distinguish between appropriate use of insider information and abuse. So in Germany, for example, only ten charges have been brought, because the definition was not clear enough to justify time-consuming and costly legal proceedings. The Committee on Economic and Monetary Affairs unanimously supports the comitology arrangements, reflecting the Lamfalussy report and its parliamentary counterpart, the von Wogau report.
We attached a great deal of importance to a new definition of insider information. This is information that is not generally accessible and which directly or indirectly concerns issuers of financial instruments. It is information which, if it became public knowledge via traditional or electronic media, could appreciably influence share values or prices. Manipulation is considered to exist in cases where false or misleading information on important facts is deliberately given and third parties stand to gain directly or indirectly. We managed to prevent special rules applying to journalists, who should not be treated any differently to anyone guilty of market manipulation. However, freedom of the press is guaranteed in each and every case.
We have adopted guidance for Member States on the enactment of sanctions and other measures. We have agreed on principles as proposals for the Commission, to enable it to exercise its implementation powers. We have drawn up a list of financial instruments to ensure that new products fall within the scope of the directive. And we have emphasised the importance of "Chinese Walls" as a preventive measure in combating market abuse, and have called for specific control of this in individual companies.
We agreed that a central authority should be set up or expanded in each EU Member State in order to exercise effective control. This is intended to bring together the various competences of national bodies so that they can closely cooperate with similarly structured authorities in other states. I regard the agreement between Parliament, Commission and Council on most of the proposals as a great success. Special thanks are also due to the rapporteur, Mr Goebbels; as shadow rapporteur for the Group of the European People's Party (Christian Democrats) and the European Democrats, I wish to congratulate him on his ability to work out good compromises which incorporated many of our amendments.
The work done on revising the directive, which is also geared to new developments, should lead to greater coherence on Europe's financial markets and above all to more trust on the part of investors: the outlook is therefore good for a particularly sensitive area of our globalised economy."@en1
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