Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-06-30-Speech-1-064"
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"en.20030630.9.1-064"2
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"Mr President, there is no doubt that the European Passport for issues of securities will, in future, make it easier to raise capital. This proposal is one of our contributions to the removal of bureaucracy and of the other barriers that mean that a financial internal market is still not yet feasible. I have to say that there has been very constructive cooperation between the institutions, and this has been made easier by the rapporteur’s willingness to compromise; we have all had to agree on formulations in order to produce a watertight piece of legislation.
I think it was a great stroke of genius for us to draw a distinction between equity and non-equity securities. That was a smart move, for which I am sure that, one day, both investors and issuers will be grateful to us. When we do actually adopt a directive, it will be important for us always to attempt to balance the interests of the issuers and those of investors. In this directive, this House has again attached great value to the protection of small investors, who have in recent years been particularly unsettled, and we are obliged to restore small investors’ confidence if we really do want to have a properly-functioning internal financial market from which everyone can benefit.
The three things that are important are, firstly, that every investor will in future be able to rely on the prospectus underlying an issue complying with high standards of quality, without regard to the issuer’s home country and also without reference to the country in which the security is offered. This will become a selling point. The second is that, in the course of negotiations, we were able to make it a requirement that the summary prospectus, which is the main source of information for small investors, should comply with high standards and form part of the prospectus. If the summary is false, misleading or inconsistent, it must be possible, in consequence of this, for those responsible to be brought to account. Thirdly, the investor is protected against misleading advertising, in that it is ensured that issuers, when describing their product in the media, cannot promise more than the security can hold in accordance with the prospectus.
In conclusion, I would like to mention one concern that again became very apparent when this directive was under discussion, and that is the question of whether Parliament’s rights have actually been safeguarded. If I consider the Interinstitutional Agreement in the light of better regulation, I have my doubts about this, so you can be sure that we will consider very carefully whether the work that you and CESAR do on this particular directive meets our expectations and is within the framework we have set. If you were to fully meet Parliament’s expectations, that would build confidence in the legislation to be derived from this in future, and in secondary legislation."@en1
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