Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-048-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-07-04"^^xsd:date2
dcterms:Is Part Of	lp_eu:Supplementary supervision of financial entities in a financial conglomerate (debate)2
dcterms:Language	"ro"^^xsd:language2
lpv:document identification number	"en.20110704.20.1-048-000"2
lpv:hasSubsequent	lp_eu:2011-07-04-Speech-1-049-0002
lpv:speaker	lp:Theodor Dumitru Stolojan2
lpv:spokenAs	unknown; Partidul Democrat-Liberal (2009-07-14--2014-06-30)3 substitute; Delegation to the EU-Moldova Parliamentary Cooperation Committee (2009-09-16--2011-10-25)3 substitute; BUDG (2009-07-16--2012-01-18)3 member; Delegation to the EU-Turkey Joint Parliamentary Committee (2009-09-16--2011-10-25)3 member; Special Committee on the Financial, Economic and Social Crisis (2009-10-08--2011-07-31)3 substitute; Delegation to the Euronest Parliamentary Assembly (2009-09-16--2014-06-30)3 member_of_the_bureau; EPP (2009-07-14--2014-06-30)3 vice-chair; ECON (2009-07-16--2012-01-18)3
lpv:translated text	"− Madam President, I would first like to express my gratitude to my colleagues, shadow rapporteurs, the rapporteur for the opinion and to other Members of this Parliament who contributed to this report. I would also like to express my thanks to the Council and Commission for all the successful cooperation during the trialogue meetings led by Ms Sharon Bowles. I would also like thank Mr Van Es, our adviser in the Committee on Economic and Monetary Affairs, for his support. With regard to financial conglomerates, there are potential risks arising from multiple uses of capital, management complexity, concentration, conflicts of interest and other so-called group risks when several licences for different financial services are combined. Therefore, financial conglomerates must be placed under supplementary supervision, consolidated at group level. The Commission intends to improve European legislation on supplementary supervision in two steps. The first step is to address the most urgent issues through amending the current directive and updating several sectoral directives. The second step, probably in 2012, is to present a proposal for a new directive on this supplementary supervision of financial conglomerates, based on a more fundamental debate on this issue. Through our joint efforts we, the European Parliament, Council and Commission, now have a good consensus on how to change the current directive at this first step. Our main proposals refer to defining mixed financial holding companies and placing them under supplementary supervision – which includes bringing alternative investment fund managers under the scope of this current directive – introducing the possibility of stress-testing at the level of each financial conglomerate, ensuring that the new European supervisory authorities issue general guidelines regarding supervision of financial conglomerates through the joint committee, amending the Solvency II Directive and improving the transparency of supplementary supervision. In view of the second step, our report includes a review clause. We ask the Commission to look into the possibility of placing under supplementary supervision non-regulated entities, in particular special-purpose vehicles. The identification criteria of financial conglomerates owned by wider non-financial groups active in the banking, insurance and investment services sector are materially relevant in the internal market for financial services. The possibility of introducing mandatory stress-testing at a group level must also be considered."@en1
lpv:unclassifiedMetadata	"Theodor Dumitru Stolojan,"1 "rapporteur."1
lpv:videoURI	<go to Events_and_structure europarl>2

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