Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-11-Speech-4-209"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-11-11"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"pt"^^xsd:language2
lpv:document identification number	"en.20101111.21.4-209"2
lpv:hasSubsequent	lp_eu:2010-11-11-Speech-4-9622
lpv:speaker	lp:Miguel Portas2
lpv:spokenAs	member_of_the_bureau; EUL/NGL (2009-07-14--2012-01-22)3 member; Delegation for relations with the Maghreb countries and the Arab Maghreb Union (2009-09-16--2012-04-24)3 substitute; Delegation for relations with Iran (2009-09-16--2012-04-24)3 vice-chair; Special Committee on the Financial, Economic and Social Crisis (2009-10-15--2011-07-31)3 substitute; Delegation for relations with the Mashreq countries (2009-09-16--2012-04-24)3 substitute; ECON (2009-07-16--2012-01-18)3 member; Special committee on the policy challenges and budgetary resources for a sustainable European Union after 2013 (2010-06-17--2011-06-30)3 unknown; Bloco de Esquerda (2009-07-14--2012-04-24)3 member; BUDG (2009-07-16--2012-01-18)3 member; Delegation for relations with Iraq (2009-09-16--2012-04-24)3
lpv:translated text	"I am voting against this report because it is content with regulating just the behaviour of alternative investment fund management companies, without touching on the nature or composition of the financial products in question. This commitment to the ‘creativity’ of the financial industry forgets the intrinsically destabilising and voracious scale of the speculation, of critical importance with this type of funds. The proposed regulations are also extraordinarily weak. They include so many exceptions and derogations at European level that they do not really break with the model of differential national regulation currently in force. The report also fails to clearly separate those who work with this type of funds and those who work in traditional banking activities, or to block the actions of speculative funds located in tax havens. Instead, by setting ‘thresholds’ on the value of ‘systemically relevant’ assets, it is clearing the way for formal fragmentation processes that will remove large numbers of the investment companies that are meant to be covered by the directive from its scope. The security of the European public’s financial assets is a public good whose importance is too great for it to be exposed to the timidity of the proposed directive."@en1

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