Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-14-Speech-2-511"
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"en.20101214.37.2-511"2
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"Mr President, Commissioner, ladies and gentlemen, after Mr Gauzès and a report of this kind, it is clearly a pleasure to be among you on behalf of the Belgian Finance Minister, Didier Reynders, on the day of the debate concerning the amendment of the regulation on credit rating agencies.
Once again, as you have just said, we are talking about a measure relating to financial services on which the three institutions have just reached an agreement in record time.
We are also very pleased that this agreement will be voted on in Parliament tomorrow, as agreed, between the three institutions.
The regulation will therefore be modified to allocate additional powers to the European Securities and Markets Authority. This will allow the authority to exercise stricter supervision of the activities of credit rating agencies throughout the Union. This is an important step which we also think will contribute to improving the stability of the financial markets, and which will support the development of a much more effective supervisory framework.
Once the regulation enters into force, therefore, the authority will have powers concerning the registration and direct supervision of credit rating agencies. It will also have the power to determine that a credit rating agency has infringed the regulation in force and the power to impose appropriate penalties.
Of course, a framework will also be provided for cooperation between the competent authorities in the Member States and the European Securities and Markets Authority. However, we are prepared to have a more in-depth debate on the issue of regulating the credit rating agency sector itself once the Commission has provided us with its proposal on the comprehensive review of this sector, which is set for next year. While I am obviously hoping for a positive result from your vote tomorrow, I would particularly like to thank the Chair of the Committee on Economic and Monetary Affairs, Mrs Bowles, Parliament’s rapporteur, Mr Gauzès, and its shadow rapporteurs, of course, as well as Commissioner Barnier, who, alongside the Belgian Finance Minister, Mr Reynders, carried out important work for six months, securing swift agreements that have been transformed in this very Parliament into real decisions in the financial sector. Anyway, thank you for your fruitful and effective collaboration in this area. I am sure that you will continue this work during the Presidencies to come."@en1
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