Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-10-24-Speech-4-019"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2002-10-24"^^xsd:date2
dcterms:Is Part Of	lp_eu:Insider dealing and market manipulation2
dcterms:Language	"it"^^xsd:language2
lpv:document identification number	"en.20021024.2.4-019"2
lpv:hasSubsequent	lp_eu:2002-10-24-Speech-4-0202
lpv:speaker	lp:Benedetto Della Vedova2
lpv:spokenAs	member; Delegation for relations with the countries of South Asia and the South Asia Association for Regional Cooperation (SAARC) (2002-02-07--2004-07-19)3 member; ECON (2002-01-17--2004-07-19)3 member; NA (2001-10-03--2004-07-19)3 unknown; Lista Emma Bonino (1999-07-20--2004-07-19)3 substitute; Committee on Industry, External Trade, Research and Energy (2002-01-17--2004-07-19)3
lpv:translated text	"Mr President, Commissioner, Mr Goebbels, the Committee on Economic and Monetary Affairs has done an excellent job on this directive. I do feel, however, that there are a number of things we need to bear in mind. We are all quite familiar with the Enron question and other financial scandals, but the important thing is not to be under the illusion that a new law, a new regulation, a new authority will resolve the problem of market abuse and insider dealing. It may be that the situation is gradually improving, but we must be under no illusion – I reiterate – as to whether the new law, the new directive, the new authority will resolve once and for all the issue of transparency and the need to prevent abuse in the financial markets. Then we have a number of particularly serious concerns where the regulation affects the mechanisms through which information reaches the market – principally the work of the media. Here too, in the past, the most effective tool for preventing the exploitation and manipulation of confidential and other information has proved to be the market, which confirms the reliability and validity of methods of producing and disseminating information. I agree with what Mr Huhne said and with the amendment tabled by Mr Huhne and Mrs Villiers, and I believe that we must avoid introducing specific, rigid legislation, which would, inevitably, ultimately lead to some sort of regulation of the freedom of the press and the freedom to exercise the profession of journalism. We must therefore reject the illusion that we can use the law to regulate and guarantee the veracity of the information provided by economics and financial journalists. Moreover, we would be running the risk of it having little or no effect because, if a person wants to put the information in their possession to an inappropriate use, they will find a way to do so whatever we do, whatever the law governing the matter."@en1

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