Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-22-Speech-3-049"
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"en.20090422.4.3-049"2
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"Madam President, I express my appreciation and admiration for the efficient handling of these three files by Parliament and the three rapporteurs in particular. This has resulted in a quick consensus, which will definitely improve the functioning of our financial markets. The EU regulation on credit-rating agencies will improve integrity, transparency, responsibility and good governance in the credit-rating activities.
Mr Purvis asked a couple of questions in this particular regard, concerning the freedom to invest in particular products. Now, investment is free to all products, whether from the European Union or not. Ratings are not mandatory, so EU firms are not obliged to invest in rated products. But let me stress that, for regulatory purposes – that is, calculation of capital requirements – the ratings that can be used are those either issued in the EU for both EU and third-country products, or endorsed or recognised as equivalent in the European Union.
Although I am disappointed with certain aspects of the agreement on Solvency II, as I outlined earlier, the EU will have a framework for the insurance industry which could serve as a model for similar reforms internationally. Of course, this is not the end of the story. Much work remains to be done: implementing measures will need to be in place some time before October 2012 in order to give Member States and the industry some time to prepare for the introduction of Solvency II. I can assure you that the Commission will play its role in order to facilitate this process and put these long, overdue reforms into practice as soon as possible in the interests of all the parties involved.
Even though I referred to this in my earlier introductory remarks, I would just like to stress again that group supervision remains in the proposed Solvency II, although group support is out – I think it is just important not to get two concepts mixed up entirely.
Finally, with the simplified reporting and documentation requirements in the cases of mergers and divisions of public limited liability companies, the agenda on the administrative burden reduction is advancing, and this will contribute to the potential for growth and help Europe on the way to economic recovery."@en1
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