Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-03-29-Speech-1-044"
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"en.20040329.6.1-044"2
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"Madam President, Commissioner, ladies and gentlemen, both the directive on the harmonisation of transparency requirements and the directive on financial services bring us today to the end of a difficult procedure, which required an immense effort as far as financial services are concerned, especially on the part of the rapporteur, Mrs Villiers. This is a matter with huge technical and political difficulties and, without her tremendous diligence, I doubt that we could have reached a conclusion. That is why I should like to congratulate her on all her hard work.
The fact that we are arriving today at a final conclusion represents an achievement by Parliament and the Committee on Economic and Monetary Affairs and demonstrates that delays in legislation, when they occur, are not due to Parliament’s negligence. The purpose of the directive on investment services, about which, as shadow rapporteur, I should like to say more, is to revive the European passport for businesses in the financial sector. Of course, the European passport is not a new institution, but it had languished due to the difficulties created by the differences in the national legislation of the Member States in the cross-border activities of companies and, by extension of course, in the free movement of capital in Europe.
The new directive proposes measures for homogenous and harmonised protection of investors, especially small investors, in the various Member States. It also proposes terms of equal competition between the stock exchanges and investment companies. This issue is one of the most thorny and complicated we have to address, because we face new phenomena on the market here, with entire stock exchanges being converted to private companies and entire private companies operating as sort of mini-stock exchanges and clearing huge numbers of transactions.
We have reached a compromise on this very difficult issue which, like all compromises, is not to everyone’s absolute satisfaction, but it was necessary in order for us to move forward. Implementation and experience will certainly bring problems and shortcomings to light and in a few years’ time I am certain that we shall need a new directive which, one hopes, will be another step towards combating national barriers and creating the truly pan-European capital market needed in order to develop the European economy. This is also in keeping with the Lisbon process.
The Group of the Party of European Socialists supports the agreement reached with the Council on the directive on investment services and, of course, it also supports the report on the harmonisation of transparency requirements for financial services."@en1
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