Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-12-12-Speech-1-099"
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"en.20051212.15.1-099"2
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"Mr President, as has already been said, the MiFID (Markets in Financial Instruments Directive), previously known as the ISD (Investment Services Directive), is a major legislative programme for the internal capital market. The aim is to introduce a level playing field for different kinds of investment services, with top priority given to enhancing transparency before and after, to consumer protection and to the promotion of keen prices at maximum liquidity. In Europe, those instruments will allow us to make a huge stride in the direction of a better investment climate, which is desperately needed at the moment.
The complexity of the directive requires careful consultation with the different market operators, much of which work is done by supervisors under the watchful eye of the CESR (Committee of European Securities Regulators). The European Commission, with its limited manpower, cannot do this on its own. I am a big fan of this careful approach and of this considerable role for the supervisors. They are our main allies in the service of the public interest and in preventing us from being guided by a handful of large market operators or national markets that serve their own interests, which, sadly, was what did sometimes happen at the time when the groundwork for this dossier was being done.
The European Parliament has struck a balance between the different interests and must now ensure that this balance is kept. This means that we must be able to continue to play our role. That is why we demand that an important right in the context of checking comitology, namely the right of revocation, be upheld. The Commission has indicated on a number of occasions that it will support us in this, and so has the Council, albeit somewhat reluctantly, except that this point in the treaty was not corrected in the course of the debate that was held on the subject. Now that things have ground to a halt, there is no reason why that point should be put on ice as well.
Since the Lamfalussy procedure increasingly applies to financial market dossiers, Parliament’s right of revocation should, as a matter of urgency, be regulated structurally. This is not a prestige project or prestige fight. It really is about remaining involved in what we laid down in broad lines at level 1 and seeing them reflected at the implementation stage that we have delegated."@en1
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