Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-03-29-Speech-1-052"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2004-03-29"^^xsd:date2
dcterms:Is Part Of	lp_eu:Financial markets2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20040329.6.1-052"2
lpv:hasSubsequent	lp_eu:2004-03-29-Speech-1-0532
lpv:speaker	lp:Harald Ettl2
lpv:spokenAs	member; EMPL (2002-01-17--2004-07-19)3 vice-chair; Delegation to the EU-Slovenia Joint Parliamentary Committee (2002-02-07--2004-04-30)3 member; PES (1999-07-20--2004-07-19)3 unknown; Sozialdemokratische Partei Österreichs (1999-07-20--2004-07-19)3 substitute; ECON (2002-01-17--2004-07-19)3
lpv:translated text	"Madam President, the proposal for a directive on transparency requirements is a very important part of the Financial Services Action Plan and is meant to harmonise the transparency requirements for securities and for those who issue them. In implementing the directive, not only the Commission, but also, of course, the national supervisors, will have a major role. If we are to have an internal market, the information on offer to purchasers of securities must be comparable and reliable, and issuers of securities must not be put at any disadvantage. We must therefore be guided by the principles enumerated in Recital 26a. A well-developed capital market needs credibility, which itself demands an increasing degree of transparency, all of which, taken together, enable national economies to compete better. It is no coincidence that those Member States that have high levels of share capitalisation, and whose stock exchanges enjoy high levels of turnover in relation to the gross national product, also enjoy more growth and have less unemployment. So it is that in Finland and the Netherlands – as you, Commissioner, know better than any of us – stock exchange turnover has multiplied since 1995; ten times over in one and six times over in the other. A study recently published in Austria demonstrates that there is also a significant positive correlation between share capitalisation and stock trading on the one hand and, on the other, the amount spent in a national economy on research and development. In all these complex economic interactions, confidence and information play a major role. In Austria, for example, the stock exchange legislation requires the most important companies, which are quoted on the Stock Exchange, to report on a quarterly basis, and so it is possible and practical, given the current state of the internal market, for there to be an upgrading to quarterly reporting at national level without any further obligations being imposed. Congratulations to Mr Skinner!"@en1

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