Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-03-29-Speech-1-042"
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"en.20040329.6.1-042"2
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"Madam President, ladies and gentlemen, I am speaking to you in my capacity as the Committee on Legal Affairs and the Internal Market’s rapporteur on the transparency directive.
I believe that the compromise proposal that has now been arrived at for consideration at first reading is a good one, and that, as a whole, it deals well with the basic objections that this House expressed to the Commission’s original proposal. We in this House have succeeded in avoiding a whole range of rules that would – if I may say so – have been superfluous and costly. Let me give as just one example the requirement for quarterly reporting, which would – as Mr Skinner said – have cost businesses a great deal, while yielding little. This directive is, after all, meant to prevent things happening in the way they did with Parmalat, Enron, WorldCom and other companies, all of which duly filed quarterly reports, and we can see what the end result was – so let us not burden business with unproductive measures.
Secondly, the Committee on Legal Affairs and the Internal Market attached significance to coherence and conformity with the directive on electronic commercial registers, in which we incorporated an option clause on publication media, enabling the Member States, depending on their own traditions, to make provision for the publication of required information in media other than the Internet. We have managed to get this rule incorporated in this directive too, thus, I believe, ensuring that two directives with similar subject-matter can – as we believe is essential – be handled in the same way by the legislators in the Member States.
Moreover, the Committee on Legal Affairs and the Internal Market is satisfied with the solution that has been found to the question of debt securities. What came out of the deliberations in the Committee on Economic and Monetary Affairs tended to make us rather concerned that we could be put at a disadvantage in negotiations with the Americans when it comes to implementing IAS. I believe that the rule that has now been devised on limiting ‘grandfathering’, avoids that, and that our negotiating position is no worse; we are simply making it more difficult for those who are already in Europe.
All things considered, I am happy with this outcome and thank my fellow rapporteurs and shadow rapporteurs most warmly for their cooperation."@en1
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