Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-01-13-Speech-2-012"
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"en.20090113.4.2-012"2
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"Mr President, Commissioner, more than ever, I have very mixed feelings about the proposal for a directive on which Parliament is preparing to vote. It is true that the rapporteur, Mr Klinz, has been working for many years on this and has negotiated with talent, especially during the trialogue. It is also true that the directive will make some significant advances in the operation of the internal market and in the collective management of financial assets, and these have been welcomed by Europe’s investment fund industry. It is still the case that the debates and discussions in the Council and Parliament have never been totally free, as the result was known in advance: for some players it was essential, at any cost, to introduce the European passport for management companies.
On the principle, there is no more to say; the passport is its own defence. However, it is necessary to ensure that the introduction of the passport for management companies is accompanied by the necessary guarantees, especially as regards the supervision of funds, as it leads to dissociation of functions beyond borders. I note with regret that the system as implemented is not only complicated but also subject to different interpretations. There is a risk that it will soon run into practical difficulties that will damage the European export fund industry, especially for export to third countries.
I have indeed noted that my position is in the minority, although I do not feel ill at ease. In normal times, I would have been tempted to say that only in practice will it be possible for definitive conclusions to be drawn on the issue and therefore to decide who is right. Is it those who trust in the abilities of market operators to adapt or those who insist on a more prudent approach? I do not exclude the possibility of success, but it is not guaranteed either. Given the latest news, especially the Madoff scandal and its implications for the collective financial assets management industry, we are unlikely to be reassured.
My scepticism gives way to concern. The investment fund industry will not be spared by the financial crisis; we know that now. It may be that fundamental questions need to be asked. In this deep crisis, making choices that dilute the responsibilities of stakeholders or assume perfect cooperation between the regulatory authorities may really lead to incongruity.
I am saying what I think: this directive is also from another era, from before the crisis. It is marked by a certain nonchalance. The financial system, in fact, is experiencing a lasting and fundamental crisis of confidence, and entire chunks of its architecture must be reconsidered. Let us not forget that the first duty of money market funds is to protect the investor by diversifying the risks and by establishing strict rules. By voting for this text as it stands, without really knowing where we are heading, we make it look as if nothing has happened. This withdrawal from reality will lead to no good, so I will abstain, even though I have signed the compromise amendments negotiated with the Council. Given the circumstances, the improvements made seem to me to be of little import compared with the questions of principle that I have just raised."@en1
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