Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-25-Speech-4-070"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2003-09-25"^^xsd:date2
dcterms:Is Part Of	lp_eu:Vote (continuation)2
dcterms:Language	"nl"^^xsd:language2
lpv:document identification number	"en.20030925.7.4-070"2
lpv:hasSubsequent	lp_eu:2003-09-25-Speech-4-0712
lpv:speaker	lp:Erik Meijer2
lpv:spokenAs	member; Committee on Regional Policy, Transport and Tourism (2002-01-17--2004-07-19)3 unknown; Socialistische Partij (1999-07-20--2004-07-19)3 member_of_the_bureau; EUL/NGL (1999-10-13--2004-07-19)3 member; Delegation to the EU-Slovak Republic Joint Parliamentary Committee (2002-02-07--2004-04-30)3 substitute; Delegation to the EU-Czech Republic Joint Parliamentary Committee (2002-02-07--2004-04-30)3 substitute; Committee on the Environment, Public Health and Consumer Policy (2002-01-17--2004-07-19)3
lpv:translated text	"Nowadays, much more than ever, there are large amounts of money lying around throughout the world: money belonging to individual savers, small banks, insurance companies and pension funds. Internationally operating companies that offer high returns have taken a large proportion of that money for themselves and with it gained control over the pension funds, too. This kind of company does not produce anything, but has obtained a dominant position by forming a bridge between those wanting to receive interest or dividends and those who need capital for their activities. These are chiefly US companies with a branch in London. Ten years ago, a directive was adopted for investment services such as this, and that now needs to be updated. The question is, then, what purpose that modernisation serves. Will it result in better protection for savers and pension funds against financial adventurers, or, on the contrary, in greater freedom for those who administer so much money? The rapporteur wants to reduce bureaucracy and costs, and creates a string of exemptions to the transparency she accepts only with difficulty. The obligation to seek out the best deals for clients, as well as low transaction costs and investment products suitable for the client fades into the background. The large groups are divided on account of national interests, and so the investment companies get their own way."@en1

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