Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-22-Speech-3-017"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2009-04-22"^^xsd:date2
dcterms:Is Part Of	lp_eu:Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20090422.4.3-017"2
lpv:hasSubsequent	lp_eu:2009-04-22-Speech-3-0182
lpv:speaker	lp:Wolf Klinz2
lpv:spokenAs	member; Delegation to the EU-Mexico Joint Parliamentary Committee (2004-09-15--2009-07-13)3 substitute; IMCO (2007-02-05--2009-07-13)3 member; ECON (2007-01-31--2009-07-13)3 substitute; Delegation for relations with Australia and New Zealand (2007-03-15--2009-07-13)3 substitute; Delegation for relations with Switzerland, Iceland and Norway and to the European Economic Area (EEA) Joint Parliamentary Committee (2004-09-15--2009-07-13)3 unknown; Freie Demokratische Partei - Die Liberalen (2004-07-20--2009-07-13)3 member; Delegation to the Euro-Latin American Parliamentary Assembly (2007-05-23--2009-07-13)3 member; ALDE (2004-07-20--2009-07-13)3
lpv:translated text	"Madam President, the failings of the credit rating agencies that preceded the crisis have made the regulation of these agencies inescapable. The objectives of the present Regulation on the registration of credit rating agencies are, once again, transparency, guaranteed high quality, greater competition, the overcoming of conflicts of interest and, as a result, better protection of investors. Reaching agreement was no easy task. The positions of the Commission, Parliament and the Council started off far apart but, on the whole, these objectives have now largely been achieved. One good thing is that there is to be only one rating category. Categories 1 and 2 for regulatory and other purposes will be a thing of the past. Conflicts of interest have been overcome: there will be no advisory services in addition to credit rating activities. Credit rating agencies from countries outside the European Union will have the opportunity to approach the European market and operate here by means of an equivalence regime involving certification – which is important for small agencies – or by means of the endorsement system – which can be used by large agencies. The Committee of European Securities Regulators (CESR) will play a crucial role in the registration and supervision of credit rating agencies. For all this, I also note a number of shortcomings in the present dossier and Regulation. I fear that, in practice, the opportunities to enter the European market will be impeded by all the rules and requirements. These requirements are perhaps too restrictive, and they could end up cutting off the European market, and could thus lead to protectionism through the back door – which would be a bad thing. I hope that my fears will prove to be unfounded. Our rules for internal governance go a very long way – too far, in fact. They are almost overkill. There are no comparable rules in any other EU regulation. We would have done better to define clear principles and leave responsibility for implementing and developing these principles with the undertakings themselves. Finally, in my opinion, we have not made any progress on putting an end to oligopolies. We shall have to endure many years of very little competition."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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