Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-10-Speech-3-155"
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"en.20101110.16.3-155"2
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"Thank you, Madam President. I imagine that Mr Reynders will also be thanking you when his turn comes. I would like to thank Parliament for its incredibly constructive approach during these rather lengthy negotiations, as evidenced by the debate that we have just had.
Mr Klinz spoke earlier about ‘more transparency’. I have always believed that transparency is an essential feature of responsibility within the entire financial services sector. Which is why, in that very sector, we are now working together to create transparency, putting people under the spotlight who are probably unaccustomed to the glare.
Unlike Mrs Andreasen, I do not think that this transparency will hamper the finance industry’s competitiveness. I think it will have quite the opposite effect. Back on 13 January, I explained to you that Europe is attractive to the financial industry: that is where we have the competitive edge over other regions of the world. The financial sector has an interest in gradually, piece by piece – because, ladies and gentlemen, we have not yet finished – creating healthier, more transparent and more trustworthy foundations. In fact, in my view, those foundations will often be a little more ethical.
As Mr Balz reminded us, this is the first time that we have introduced European rules for this key sector. These rules will play a vital role in achieving a range of ambitious objectives and making real progress – the word used by Mr Bullmann earlier to describe the work done by this Parliament in conjunction with the Council and Commission.
Progress means improving the supervision of systemic risk; it means greater protection for investors, as Mrs Bowles pointed out. It means a great deal more transparency in the private equity industry. Mr Hökmark has stressed the importance of that industry. And lastly, it means creating a real single market for alternative investment funds for institutional investors. Mr Kamall has reiterated his concern, which I share, that there should be no discrimination. Instead of discrimination, we now have a set of simple requirements. I think that is the right solution.
I would like to remind all those who hoped to go further, that this is a compromise, a dynamic compromise. We do not live in a perfect world, as Mrs Regner reminded us just now. That is true. We might have wanted to see a lot more progress than is found in the compromise text on which you will be voting, but it is a dynamic compromise and the review clauses mean that legislation will be able to evolve in the years to come. I can tell Mr Giegold and Mr Klute that there will be further discussions and that we will be returning in particular to the question of passive marketing and the role of the European Securities and Markets Authority (ESMA). The latter was a point raised just now by Mr Karas, while Mr Goebbels rightly reminded us earlier of the importance of the ESMA. Mr Goebbels, you mentioned 72 specific powers, within 11 different categories. This means that the ESMA will have real powers, and we owe this largely to Parliament’s efforts.
So let me thank each and every one of you. Earlier, almost all of the speakers, from across all the groups, even those who are unlikely to vote in favour of this text, paid tribute to the rapporteur, Mr Gauzès, for being so receptive, for his expertise and for the quality of the relationships he has built. I do not think that he will have time to take parental leave, because there is a lot more work to be done in the coming weeks. Nevertheless, I would like to express my thanks to the whole Commission team who worked with me and are here this evening, and I would also like to add my voice, both personally and on behalf of the European Commission, to the chorus of thanks and gratitude addressed to the rapporteur, Mr Gauzès, in honour of his excellent work."@en1
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