Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-01-13-Speech-2-018"
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"en.20090113.4.2-018"2
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"I would also like to underline our rapporteur’s excellent work and ability to find a suitable compromise. However, like some of the speakers, I also have a few doubts. Those doubts concern the provision that EU Member States will have to prepare all the documents related to investment business, as stated in the document, ‘in a language customary in the sphere of international finance’, and this means in English.
I spoke in favour of creating an opportunity for business to reduce costs which would not be regulated in detail, but fund managers with one language, in this case English speakers, should not receive priority and a competitive advantage. We should also avoid creating legal uncertainty.
How can a consumer defend his rights if the document creates prerequisites for ambiguous interpretation of financial business responsibility? I am in favour of clearly defining financial business responsibility and the competitive conditions which investment business follows."@en1
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