Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-03-29-Speech-1-039"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20040329.6.1-039"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
"Madam President, I should like to thank the European Parliament for the great efforts it has made to approve, on time, two directives which are vital for the completion of a single financial market, namely the directive on financial instrument markets and the Transparency Directive.
It is with pleasure that I take this opportunity to thank the two rapporteurs. I should like to ask your indulgence, Mr Skinner, but ladies first, as you know. I should like to thank Mrs Villiers for her report. Without her efforts and openness we would not have been able to achieve this consensual and balanced result. I should also like to thank the chairman of the Committee on Economic and Monetary Affairs, Mrs Randzio-Plath, who succeeded in reconciling divergent positions among political parties and national approaches.
The Commission considers that the compromise package that will be voted on shortly improves both on the Commission proposal and on the common position. The Commission can accept the compromise package in its entirety, that is Amendments Nos 54 to 82; in consequence the Commission rejects all other amendments. The scope of the pre-trade transparency obligation is now clearer, in particular with regard to the transactions to which this obligation applies. Other technical amendments – for example those concerning derivatives – provide useful clarifications without changing the orientation of the Commission proposal. The Commission is grateful that the compromise package does not include amendments on other political issues that had been fiercely debated in the Council; reopening those issues would have put adoption of the directive in danger.
The final text will be a significant step forward in the integration of European financial markets. For the first time we have been able to agree a common market regulatory framework that will put our market at the forefront in terms of flexibility, innovation and investor protection. It deserves the support of a strong absolute majority vote of Members of this Parliament.
I now turn to the transparency directive and the report by Mr Skinner. I should like to congratulate the rapporteur and thank, yet again, Mrs Villiers and also Mr Huhne, the shadow rapporteurs in the Committee on Economic and Monetary Affairs, as well as Mr Lehne of the Committee on Legal Affairs and the Internal Market, for their contributions and close cooperation.
The Commission is ready to accept the compromise package as agreed with the rapporteur and the shadow rapporteurs, but will reject all other amendments. I shall hand out a detailed list with the Commission’s position to the European Parliament after this debate.
On the interim management statement for share issuers, we agree on the compromise that has been tabled. The Commission will now monitor carefully how the agreed solution works in practice. The compromise package also comprises transitional arrangements for those third-country bond issuers in respect of bonds already admitted to trading on a European-regulated market before 1 January 2005. Some Member States – but not all – will make use of such arrangements in 2006, i.e. the date by which the directive should be transposed. I invite the national regulators of those Member States to do their best to ensure continuity for such bond issuers, pending the completion of the assessment of the equivalence between international accounting standards and third-country accounting standards at European level. It is in our interest that we make our capital markets as attractive as possible to non-EU issuers.
Thus, if you decide to adopt the compromise package tabled before you, one of the final initiatives of the financial services action plan will have been completed in record time, with only a year having passed since the Commission made its proposal. Adoption after a single reading would be a major achievement."@en1
|
| lpv:unclassifiedMetadata |
Named graphs describing this resource:
The resource appears as object in 2 triples