Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-12-12-Speech-1-096"
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"en.20051212.15.1-096"2
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".
Mr President, Commissioner, with this report, we are in the first phase of the European Parliament’s return to this Investment Services Directive, which has since been renamed the MiFID Directive.
There is a procedural issue here: you are aware of the conditions in which the European Parliament accepted the Lamfalussy Process. There is a fundamental question: in what conditions will the principles we enacted at level 1 be upheld by the measures being prepared at level 2? Something tells me that, for the first time, the European Parliament, as a result of having examined the level 2 measures contained in this directive, will have the opportunity to exercise its rights in full, hence the importance that we give, in this text, to pointing out the conditions in which the European Parliament can, through the sunset clause and the right of call back, intervene again following the implementation of the level 2 measures.
I believe that we are right to examine these measures because, when we observe the manner in which the debate has unfolded, there is clearly, following the European Parliament’s adoption of the measures, a legal ‘creativity’ that requires us to be vigilant. As regards the timetable, in fact, we observe that what was initially just a deadline has become a transposition deadline and an enforcement deadline. In other areas, I believe that the overall balance in this directive between transparency and opening up to competition is a sufficiently serious matter for Parliament to use all the resources necessary to examine, in credible conditions, the proposals that will be made at level 2 by the Commission.
It is for this reason, Commissioner, that I hope to be able to take advantage of your spirit of openness towards this Parliament and of your willingness to engage in dialogue with it so that I might, at the time when this directive – which is a directive aimed at changing the timetable – is adopted, fully reassert Parliament’s rights in a procedure in which, quite frankly, Parliament’s intervention has always focused on the principles and has never led to an extension of the deadlines, although we can quite imagine the difficulties involved in the other levels intervening on such a complex issue.
Well, quite frankly, Commissioner, I can put your mind at ease: Parliament will indeed vote in favour of the proposed amendments, and I am delighted that you can, in these conditions, support them."@en1
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