Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-03-29-Speech-1-051"
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"en.20040329.6.1-051"2
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"Madam President, first of all I would like to thank our rapporteur Mrs Villiers, who has demonstrated remarkable patience in the light of certain positions and changes of direction during this long procedure
which has finally ended in the compromise on which we must vote tomorrow. As our rapporteur has rightly said, this compromise has failed to achieve its basic aim. Specifically, the directive should set down Community rules applicable in all the Member States, in order to create equal conditions for the various actors and to allow banks and other financial institutions to enter into competition with stock markets and offer their customers the ability to internalise. As you know, France, Italy, Spain and Belgium do not currently authorise these sales outside of stock markets. The factor that brought France and Italy around to the common position was that financial institutions have to make their quotes public before the transaction and must keep to a fixed price. As you know, Luxembourg, the United Kingdom, Ireland, Sweden and Finland rejected this common position. I would also like to state that the Committee on Economic and Monetary Affairs rejected it, by adopting Mrs Villiers’ report in February. At least the compromise reached continues to partially respect Parliament’s opinion by limiting the price transparency obligation to sales of securities that are smaller in volume than the standard market size.
To summarise, the compromise that has been submitted to us is a poor compromise, but, with a heavy heart, I will nevertheless vote in favour of it for two reasons. Firstly, because of the risk of going back to the common position – which is even worse and would damage the financial sector even more – and, secondly, to avoid having to go into conciliation with a new Parliament that is less well-informed in this field. In particular, I deplore the position of the socialists and above all of their coordinator, Mr Goebbels, who have done nothing to ensure that the position championed by the Committee on Economic and Monetary Affairs is adopted at second reading, when this would have been much more beneficial for consumers and for investment firms."@en1
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