Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-405"

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"en.20100706.28.2-405"2
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"Madam President, we should not be complacent about our work in this area and should not look down on the United States. Actually, on the one hand, the US is much closer to making comprehensive new legislation on financial sector regulation and supervision. They are also concentrating more on substance than on a turf war. The new legislation, which is before the US Congress, envisages a consumer bureau with substantive powers to give rulings, including a total ban on specific financial products. Standardised derivatives will be traded on established exchanges and forced through clearing-houses. Hedge funds and private equity firms will have to register with the SCC over and above a certain, very large capital limit. We are discussing how to distribute the powers between European institutions and national institutions. Well, the solution is quite easy. The macro-prudential institutions, like the ECSRB, should be closely linked with the European Central Bank, a European institution, but micro-prudential institutions need to be coordinated among national institutions."@en1
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