Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-10-Speech-3-125"
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"en.20101110.16.3-125"2
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"Mr President, Mr Gauzès, ladies and gentlemen, it is again a pleasure for me to come before you once more as you debate an additional part of the reform package that we want to introduce in the financial sector. The report that has been submitted to you forms part of the supervision package which, as you know, had already been adopted unanimously in the Council.
Finally, Mr President, I would like to thank the Swedish and Spanish Presidencies, as well as Commissioner Barnier, who has just joined us, and all of the shadow rapporteurs, Mr Goebbels, Mr Klinz, Mr Canfin, Mr Kamall and finally Mr Lehne, for the fruitful and clearly constructive exchanges that we have had on the amended report, which will be put to your vote.
From now on, Mr President, there will be a reliable and harmonised framework at European Union level for controlling and supervising the risks that alternative investment fund managers pose to their investors and to financial stability. I am convinced that the will to achieve results which has inspired us will continue to stimulate negotiations on future texts. Every time I come to your House, Mr President, I thank you for the work that we have just accomplished, but I would like to thank you now already for the work that we are going to accomplish in the coming weeks.
Mr Gauzès, I hope that we will be able to work together at this same pace towards an agreement on the subject of credit rating agencies. On behalf of my successors to the Presidency of the Council, and in view of recent negotiations, I am furthermore confident that we will make progress on this subject, but perhaps also on others in the future. The date has already been set. In any case, thank you for the work that has been done on this report.
Once again, with regard to investment funds, we have gone forward with the same unanimity in the Council, and you adopted the supervision package by a very large majority. I hope that we will be able to see just as large a majority come out for the section on investment funds.
For the first time, this directive introduces European regulation affecting managers of alternative investment funds, above all, hedge funds and private equity companies, which we have discussed many times. These companies, which benefit the European economy, have, until now, not been subject to any supervision or specific regulations at European level. The present proposal fully meets the wish of Commissioner Barnier – which is also my wish – to extend effective, appropriate regulation and supervision to all actors and financial activities which present significant risks.
With this directive, Europe is taking one more step towards the full implementation of the decisions taken at the G20. On the eve of the G20 summit, this is a strong signal from Europe to the rest of the world. As I said, this text is fully integrated into the new European supervision framework, strengthening the role that ESMA will play in regulating alternative fund managers.
Thanks to what I hope will be your vote in favour, the managers of these funds will be subject to consistent and largely new rules with a view to increasing transparency as regards supervisors, investors, companies and workers of the companies acquired by some of these funds. Private equity companies will have to give notification of their presence in the companies acquired and provide information to employees, in particular, concerning their future strategy for the business and the potential repercussions for jobs. The directive also aims to increase protection for investors. For example, the function of depositary will be strengthened considerably, and so will risk management. Leverage, the remuneration method and delegation will now be monitored.
The directive also aims to enhance the internal market in this sector, in particular, by introducing an intra-European passport which will facilitate cross-border transactions, benefiting the economy as a whole. A passport for third countries will also be introduced in order to maintain a level playing field internationally, respecting the principle of ‘same rights, same obligations’. I am pleased at the truly European character of this directive, which guarantees a high level of protection and transparency while continuing to encourage investment in Europe. The passport system, which is based on strict controls and gives European supervision authorities a central role, constitutes a reliable and effective regulatory basis for a sector whose anticipated role in the recovery of growth cannot be underestimated.
Like the other elements of the reform programme for the financial sector, the directive also aims, on a more global level, to prevent, or at least limit, the scale of further financial crises. I want to make it clear that the agreement between Parliament and the Council, which I hope is as broad as possible, owes much to the determination of the European Parliament, and particularly that of its rapporteur, Mr Gauzès, and to the in-depth work that they have accomplished.
Mr Gauzès, I want to thank you for your resolve, your commitment and your determination, without which the European Parliament’s adoption of the directive probably would not have been possible.
Mr President, I would also like to thank Ms Sharon Bowles, Chair of the Committee on Economic and Monetary Affairs. We had many discussions in trialogue meetings and other fora about this directive, and also about other texts. It was useful as it proved that it is possible to have a codecision process on one condition, namely, that it is possible to start negotiations at the same time, with the Council on one side and Parliament on the other. Thank you very much for your ability to organise that in Parliament. It is not easy in the Council, and I am sure it is not always easy either with all the Members of Parliament."@en1
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