Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-11-Speech-4-200"
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"en.20101111.21.4-200"2
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"Following Parliament’s vote, the Union is, at long last, going to regulate the activities of the most speculative investment funds. A long time has passed since Poul Rasmussen’s own-initiative report which, back in 2008, proposed that strict limits should be imposed on these ‘financial black holes’. It has taken the financial crisis to make the Member States and the majority of Parliament agree to adopt binding legislation on alternative funds. For the first time, these funds, whether or not they are based in Europe, will be subject to controls, restrictions on their activities and greater transparency; carving up businesses will no longer be possible, and the European Securities and Markets Authority’s supervisory powers will be extended. Much remains to be done to supervise finance effectively in Europe; ESMA, not the national authorities, should be the only authority with responsibility for this matter, and businesses should be protected even more from speculation. Had it not been for the reservations of the conservatives, the Union could have adopted more rigorous and more effective legislation. This is merely a first step. The text we have adopted will be revised in four years’ time. This will be an opportunity to go further, on the basis of an assessment, in order to protect the economy and jobs from the damage caused by speculation."@en1
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