Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-12-12-Speech-1-094"
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"en.20051212.15.1-094"2
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".
Commissioner, Mr President, ladies and gentlemen, I would like to start by conveying to the House the apologies of the rapporteur, Mrs Kauppi, who regrets her inability, due to travel problems, to be here on time for the debate on her own report. That does not mean that she has washed her hands of it, far from it; she has done a fine job of work, and I would like to thank her warmly for it.
What is this about? In the first part of his speech, the Commissioner, in effect, presented the draft report – thus demonstrating that rational explanations find Parliament with an open mind and ready to listen – and went on, in the second part, to point out that we both have a problem with comitology. I am glad that he concluded by saying that he is on our side if we adopt it as proposed – and I can tell him that we will. Where issues of this House’s fundamental rights, of democratic fundamental rights, and of right of codecision are concerned, it is good when Commission and Parliament pull together, especially in their dealing with the Council. The same can be said about the comitology procedure and the sunset clause. My colleague Mr Radwan will go into that in greater detail.
So what is MiFID – the Markets in Financial Instruments Directive – all about? Not everyone understands it. Firstly, it is intended to amend a Parliament and Council directive on markets in financial instruments. Secondly, it has to do with extending the deadlines for transposition. Why do we want to extend them? The reason is that the directive results in considerable changes for the participants in the market and for the national authorities, since transposition is dependent on the necessary technical measures being worked out and put into effect, the former of which is, unfortunately, only now being done, and the package of measures to implement the 17 provisions is due to be adopted only in 2006. The fact is that the implementing measures to be taken at Level 2 are being delayed, and they will actually only be completed at a time when MiFID ought already to have entered into force. What makes us favour the extension of the transposition deadlines is the fact that we are dealing here with what is termed the Lamfalussy procedure, and that the process has to be completed by means of comitology.
So what do we do now? What we do now is to extend, and for this reason, the transposition deadline, also keeping the old ISD directive in force until MiFID becomes effective, in other words until 1 November 2007. It follows that the changes we are making to the directive on markets in financial instruments are of form rather than of substance. The effect of these transposition deadlines is to prevent a legal vacuum. Alongside these outward adaptations to reality, though, we are also altering the comitology procedure within MiFID. Why is this so? I have to tell the Commissioner that I find his first objection incomprehensible. We are doing this because we want to adopt, in precisely the same form, the provisions on comitology that we agreed with the Council for the ‘Basel II’ directive on capital adequacy, which can be summed up in the word ‘sunset clause’. What that gives us is legal certainty, along with clarity about what we want.
The proposals we have received to date do not take account of this House’s legislative prerogatives, and it is right and proper that any agreement reached by us be extended to cover other directives dealing with the same subject matter. I therefore ask all the Members of this House, in the plenary vote tomorrow, to stick with the Committee’s resolution, for it will enable us not only to achieve a practical solution but also to strengthen this House’s hand."@en1
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