Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-06-14-Speech-3-397"
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"en.20060614.23.3-397"2
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"Mr President, we can all be very satisfied with the resolution before us. It is based on a remarkable effort by the Commission, the European Parliament, the European Securities Committee Regulators and market players, which has resulted in the successful conclusion of the implementing measures for MIFID.
The directive itself is nothing short of revolutionary in the way it opens up investment markets in the EU and achieves better guarantees for investor protection than in previous legislation. The implementing measures before us, which establish some 17 key provisions of the directive, represent balanced and measured regulatory arrangements for bringing these twin promises to fruition.
The procedure by which these implementing measures have been drawn up is also highly significant. This is the first time the European Parliament has been fully involved in concluding implementing legislation at the comitology phase. In the end, the percentage of Parliament’s amendments scheduled to be adopted by the ESC is about 87%. This compares highly favourably with, for example, what we obtained in the underlying MIFID directive, where that percentage was about 50%. All the parties involved can feel justified pride in the way we managed to overcome potential interinstitutional pitfalls since, as we all know, Parliament’s role in comitology is the topic of an often heated debate. In fact, we are still awaiting some answers from the Commission and Council.
I should like to address special thanks, however, to the Commission for its open and forthcoming cooperation with me and the Committee on Economic and Monetary Affairs, which was instrumental in bringing about this very positive outcome. I agree with the remarks made by the Commission on Monday to the effect that we have achieved something historic not only for the financial markets but also in the manner Level 2 legislation and other comitology legislation is framed.
Despite the positive outcome, I should like to mention a few points. I am somewhat perplexed that the Commission did not accept our modification which sought to clarify the best execution obligations of investment firms towards clients when dealing on their own account. I hope that the Commission and national regulations will interpret the resulting provision in the light of the agreement reached in the Level 1 Directive. Furthermore, I should have liked to have seen more flexibility on the delayed reporting of large trades. We will have to be vigilant and promptly invoke the review clause if it becomes apparent that premature reporting of large trades is harming the provision of liquidity to clients, making it more expensive or rendering EU markets less competitive than markets in other parts of the world.
Finally, I had hoped that a more modern interpretation of the business in derivatives could have been found. It will be important to amend the Level 2 measures promptly if it becomes apparent that new clients and new markets, especially transactions using the Internet, are being disadvantaged.
The number of criticisms is nonetheless dwarfed by the overall positive result. I should like to thank all the participants and all my colleagues who helped in this endeavour."@en1
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