Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-10-Speech-3-129"
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"en.20101110.16.3-129"2
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"Mr President, Mr Reynders, Commissioner Barnier, we have already carried out a great deal of work – as Mr Gauzès said: 21 trialogues and numerous meetings between the rapporteurs and shadow rapporteurs from the Committee on Economic and Monetary Affairs and the Committee on Legal Affairs. Above all, however, we have been working to convince others for years. Like a Tibetan prayer wheel, the Group of the Progressive Alliance of Socialists and Democrats in the European Parliament has been trying very hard for years to make hedge funds, private equity funds and all of the other financial vehicles subject to European regulation. On 26 October, Austria’s National Day, of all days, we were finally able to find a compromise with the Member States. We do not live in an ideal world and therefore, the compromise is not perfect either. However, this piece of European legislation is the most important element so far in terms of financial market regulation. There is now an alternative to the old neoliberal pre-crisis killer argument that ‘there is no alternative’ when it comes to bringing the financial market back into line and restructuring it.
As far as I am concerned, the following two points are particularly important. Firstly, there are rules to prevent asset stripping to the effect that the reserves of companies that have been taken over may not be touched for two years. There are also rules regarding the liability of depositaries which prevent the creation of long, obscure chains of liability. These provisions represent minimum standards, which means that anyone who wants to can, and should, improve upon them. However, the regulation of alternative investment fund managers also provides a new opportunity to establish a new hedge fund culture. Small volume funds, in particular, have, hitherto, conducted extremely risky transactions, but must now change the way they do business. They now have the chance to establish themselves using a sustainable business model.
In order to ensure that this directive works – it should be noted that I am under no illusions when I say this – the Commission must keep a strict, watchful eye on the implementation and functioning of the directive and, if necessary, present the revision earlier than scheduled.
I would like to express my sincere thanks to Mr Gauzès. We worked together in a thoroughly constructive manner. I would also like to thank Mr Bullmann and Mr Goebbels. In particular, I would like to mention the strong spirit, indeed the will, that prevailed, including on the part of the Commission and the Council in the end, to arrive at a really constructive solution."@en1
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