Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-023-000"
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"en.20110704.19.1-023-000"2
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"− Mr President, this proposal has had a lot of attention, partly because there has been lack of transparency and understanding of derivatives, making derivatives a target for demonisation. However, derivatives are widely used for risk management, including by corporate entities engaged in the real economy and by pension funds. Of course it is also true that, like many financial products, they can be abused or made overly complex.
The opinion of the Committee on Legal Affairs was made early in the report’s consideration, and I appreciate the fact that the rapporteur reflected much of it in his report. On matters specific to our committee, we considered it key to dispel notions of retrospective legislation on outstanding contracts, which may well be illegal. However, the retrospective extension of reporting, where this is simple due to electronic records, I consider acceptable.
We are also pleased to see the uptake of the suggestion of FRAND – fair, reasonable and non-discriminatory licensing practices. This can usefully be applied in a range of financial services to achieve openness and competition, while respecting legitimate property rights. We are also pleased to see inclusion of corporate exemptions for legitimate hedging and intra-group exemptions."@en1
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