Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-12-12-Speech-1-093"
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"en.20051212.15.1-093"2
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".
Mr President, I would like to start by thanking Piia-Noora Kauppi and the Committee on Economic and Monetary Affairs for the efficiency and speed shown on this dossier. This proposal is an essential complement to the Markets in Financial Instruments Directive – known as ‘MiFID’, which is most probably the most important piece of EU legislation recently adopted in the field of European securities law. The proposal is a simple one, namely to postpone the date of entry into force of the directive, with half of this extra time for industry to prepare, the other half for Member State transposition.
I look forward to hearing your comments.
This proposal responds to a justified and legitimate request expressed by the industry and supported by all Member States and securities regulators. It is clear that additional time is needed to put in place the necessary arrangements so that the MiFID will work from the start.
The Commission proposed, in June 2005, the extension of the transposition deadline for Member States for six months and we added a further six months’ deadline for the industry to apply the directive in practice.
A series of improvements and clarifications concerning the various deadlines have been made, during negotiations in the European Parliament and the Council, to the text proposed by the Commission, and cooperation has been excellent between the three institutions. The European Parliament and Council propose that the extension becomes nine plus nine months, instead of six plus six. The Commission can go along with this, particularly because the technical implementing measures for the MiFID are essential for the effective application of this directive. These technical rules are complex and will not be adopted before May 2006. Member States and investment firms need to have the complete picture of the new framework, including the technical implementing details, before they can effectively apply them.
Let me stress that adoption of the ‘MiFID extension’ directive is a matter of urgency and we need a single reading. If the EU institutions are not able to conclude this debate quickly, or if a second reading is needed, the MiFID will enter into force in April next year and no one will be ready. There will be a lot of uncertainty because of the legal void that will be created, since the old ISD regime will be abrogated and the new regime will enter into force without the new MiFID having been transposed. We will have new rules without the necessary technical implementing details – not a good formula!
This codecision proposal is about extending the date of entry of MiFID, not about the wider question of the powers of the Council and the European Parliament in the comitology procedures. This House knows my views on the comitology issue and how important it is to resolve these matters as soon as possible in a balanced and fair way. Discussions are under way in the Council and I understand the European Parliament is working on its negotiating position. I welcomed this and I hope we can arrive at a good outcome as early as possible next year.
So, with the greatest respect, and in full understanding of Parliament’s overall position, I consider that the amendments put forward on comitology and on the sunset clause are neither necessary nor appropriate in the context of this proposal. And, as a matter of legal conformity, they do not explain any article of the text. The European Parliament’s requests for additional co-legislator powers are known. They are already recorded in the Capital Requirements Directive recently adopted. The broad substance of Amendment 2 is already included in the original MiFID, and Amendment 4 merely advances the date for the expiry of the Commission’s delegated powers by 29 days.
So I would urge you to consider again these amendments, which the Commission would prefer ideally to be withdrawn before the vote. I understand that the Council would also prefer this outcome. The Commission believes that a solution for this matter can only be found through a revision of the comitology decision. As a result of Parliament’s justified persistence, the Council has taken up work on the revision of this decision through a ‘Friends of the Presidency’ group. Progress is being made and I reiterate my invitation to Parliament to set out clearly its expectations and proposals for the ongoing discussions.
That said, the Commission will not stand in the way of an adoption at first reading of this proposed directive. Should Parliament maintain its amendments on comitology, the Commission will accept them in the interests of ensuring a smooth transposition and implementation of the MiFID. The Commission, from its side, will assist wherever it can to ensure that a real sense of urgency is given to this matter. The Commission has long recognised the need for a solution to be found and I believe the conditions are now ripe for this."@en1
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