Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-102-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-07-04"^^xsd:date2
dcterms:Is Part Of	lp_eu:Investor-compensation schemes (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20110704.22.1-102-000"2
lpv:hasSubsequent	lp_eu:2011-07-04-Speech-1-103-0002
lpv:speaker	lp:Syed Kamall2
lpv:spoken text	"Madam President, Madoff is often cited as a reason for these sorts of measures, but actually, in the Madoff affair, the SEC in the US was warned a number of times. So arguably they had the tools at their disposal, they just chose not to use them. What I am worried about in this particular directive, though, is creating moral hazard and encouraging investors not to practise due diligence. They can invest willy-nilly knowing full well that they will be compensated for a bad decision, and that is what we have to be very careful about. I would like to thank the other groups for accepting my amendment on transparency. It is important that investors see the cost of regulation, but also understand how much they are being charged for compensation so that, when they buy an investment, they are not being hoodwinked into paying more than they need to. But what I am worried about is the high level of compensation. It is fine for places like London, Frankfurt and Paris, but many of the small Member States are very worried about a harmonised level of EUR 100 000 and worry about concentration of financial services and financial products in the big centres. I welcome the fact that London is such a centre, but I am worried about that from a competitive point of view. For that reason we will be abstaining but look forward to a healthy debate in the trialogues."@en1
lpv:spokenAs	substitute; INTA (2009-07-21--2012-01-18)3 substitute; Special Committee on the Financial, Economic and Social Crisis (2009-10-08--2011-07-31)3 member; PECH (2009-07-14--2013-11-18)3 substitute; JURI (2011-06-08--2012-01-18)3 substitute; Delegation for relations with the Maghreb countries and the Arab Maghreb Union (2009-09-16--2014-06-30)3 member; ECON (2011-06-08--2012-01-18)3 member; Delegation for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee (2009-09-16--2012-02-01)3 unknown; Conservative Party (2009-07-14--2014-06-30)3 substitute; Delegation to the Parliamentary Assembly of the Union for the Mediterranean (2009-09-16--2014-06-30)3
lpv:unclassifiedMetadata	"Syed Kamall,"1 "on behalf of the ECR Group."1
lpv:videoURI	<go to Events_and_structure europarl>2

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