Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-06-14-Speech-3-396"
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"en.20060614.23.3-396"2
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".
Mr President, on behalf of my colleague, Mr McCreevy, who could not be here tonight, I should like to thank Mrs Kauppi, who has been an outstanding rapporteur in terms of her mastery of this difficult and highly technical subject and her willingness to work constructively with the Commission and all parties. She has done a first-class job, along with Mrs Berès, the chairwoman of the Committee on Economic and Monetary Affairs. Thanks also go to the Committee of European Securities Regulators for its excellent work.
Under the terms of the Prodi Declaration, the Commission is committed to taking the fullest possible account of Parliament’s view. We have more than met that obligation. Indeed, we have incorporated around 90% of Parliament’s amendments into the Commission’s draft measures, which will be voted on by the European Securities Committee at the end of this month. On all the key points we agree.
The level of institutional cooperation on this file has been exemplary. It shows that Parliament, the Commission and Member States are able to work together in a sensible and pragmatic way in order to achieve the right result for Europe’s financial markets and Europe’s investors and consumers.
The Lamfalussy procedure, which we have all worked hard to develop over the past few years, works. Of course it is important to agree as soon as possible on the European Parliament’s legitimate right of call-back, which the Commission supports. We believe that Lamfalussy procedures will serve us well in the years ahead, allowing us to adapt our legislation rapidly to keep pace with market and technological developments, while maintaining essential democratic checks and balances.
The Markets in Financial Instruments Directive will intensify competition among investment firms, stock exchanges and other trading venues and improve standards of service to investors and benefit companies by lowering the cost of capital. It will update the single passport for investment firms, allowing them to operate across the European Union on the basis of an effective single authorisation and across a wide range of financial instruments. Aside from stimulating cross-border competition, it will diversify the range of products and services that investors can access and markets that firms can tap into. But crucially and essentially, investor protection rules will be harmonised at a high level so that investors can feel confident in using the services of investment firms wherever they are in Europe and wherever the investment firms originate from in Europe. Furthermore, these rules are principles-based in that they put the onus on firms to behave and to always act in the best interests of their clients.
The rapid globalisation of financial markets is an opportunity for Europe. These implementing measures for the Markets in Financial Instruments Directive mean that we are well placed to stay ahead. Our financial markets are in good shape. They are growing strongly and are set to grow even faster in future as the Union enlarges further, as our middle class expands and as people increasingly take responsibility for their own pension provisions.
Our common regulatory framework is more or less in place. MIFID is the last piece of the jigsaw where markets are integrating fast. The European financial landscape is becoming commercially more attractive. Leaving politics aside, the potential stock exchange measures represent a vote of confidence in Europe, in our stock exchanges, our technological prowess and our regulatory system. In the end what matters is that the cost of capital in the EU remains as low as possible overall for all EU economic actors, that European Union financial markets are properly regulated by European regulators, that European Union markets can grow strongly, that cross-border clearing and settlement costs are significantly reduced and that the European Union, through its new regulatory regime, can influence and develop strongly its financial relations with the rest of the world, using its good emerging model of regulation as its passport.
The Markets in Financial Instruments Directive is a key step towards positioning Europe as a global leader in financial services. That is why the Commission is particularly thankful to Parliament for its cooperation on this vital subject."@en1
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