Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-10-Speech-3-130"
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"en.20101110.16.3-130"2
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"Mr President, with the directive on alternative investment fund managers, we are now laying yet another important foundation stone on the way to establishing a new, stable financial market architecture in Europe. Our call for comprehensive and more effective crisis prevention will only reveal its full effect when we extend it to the whole of the financial sector and hence, also to the alternative investment funds that were previously regulated at national level only. This is a very heterogeneous sector having various different types of funds, risk profiles and also investment strategies.
The Commission’s proposal for a directive was not easy to work with, but we have now found a common compromise that does not lump all funds and all fund managers together and that, at least in its approach, takes a differentiated view according to the systemic risk. We are today setting uniform standards throughout Europe for the approval of fund managers. In so doing, we will also give professional investors and custodians a share of the responsibility. With the additional regulations relating to private equity, we are preventing the asset stripping of portfolio companies. Admittedly, there is no justification in shaming the private equity industry
as it plays an important and also a constructive role – for example, in the financing of small and medium-sized enterprises. However, we will now prevent negative cases as a result of the fact that the substance of a company must be retained in the critical first years following the acquisition in particular.
Parliament’s greatest success is surely the introduction of the common European passport, not only for European fund managers, but also for fund managers outside the EU. The latter only receive access to the European market if a cooperation agreement is in place to ensure information exchange between the supervisory authorities. In future, the European Securities Markets Authority will also be able to intervene in serious cases, and that means that the new legislation will be something of a first for us. We cannot draw on past experience, particularly with regard to arrangements relating to third countries, but I think that we have made a good start towards providing an effective supervisory framework."@en1
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