Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-11-18-Speech-1-111"
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"en.20021118.6.1-111"2
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"Madam President, ladies and gentlemen, greetings from the United States of America, from where I returned yesterday from a meeting of the delegation responsible for Parliament’s relations with the US, where we had further in-depth discussions with representatives of the US Congress and the US Securities and Exchange Commission specifically on the issue of regulation of the financial markets. This Directive on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate has been something that has been of immense interest to companies in the United States too. Enron and similar finance-sector scandals shook the confidence of investors and market operators in the stability of financial conglomerates on both sides of the Atlantic. Events in the past few years have undeniably shown that the financial services sector needs to improve its regulation and supervision.
The business and financial markets are global markets. European legislation thus also has an obvious impact on how financial conglomerates operate in third countries, and vice versa. For this reason it is absolutely vital that legislators and regulating authorities in the European Union and the United States hold ongoing, intensive talks with one another on how workable the regulations and laws are and the need for change. For example, many of us Members of the European Parliament have taken a critical view of the securities legislation package passed at the end of October by the US Congress, the Sarbanes-Oxley Act, and in particular the additional obligations it places on companies in the EU. We still have much work to do to make the mutual recognition of systems possible and stop a jungle of multiple regulatory systems from spreading. In return, companies in North America must make their views known with regard to how EU legislation affects them. Many of them opposed this proposal for a directive because they considered it would make things unnecessarily difficult for them in the EU. The final outcome will hardly satisfy all parties, but we can at least be satisfied that the debate on both sides of the Atlantic has been conducted openly. In the future too we must take account of all legitimate points of view in order to ensure that global markets operate seamlessly.
The Council has now arrived at a common position. It is a positive sign that the Council accepted almost all Parliament’s amendments at first reading. I tabled some amendments at second reading that would have brought the legislation on threshold values in the directive closer to the realities of the market. Our rapporteur, Mr Lipietz, however, is proposing that the common position should be approved without amendment so that work on implementation might begin without delay. I am prepared to accept this proposal and I shall support the rapporteur provided that the provisions of the directive can be assessed regularly in terms of their viability and revised if need be."@en1
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