Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-103-000"
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"en.20110704.22.1-103-000"2
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"Madam President, as we are all aware, the financial markets and the securities traded on them are becoming increasingly complex, and thus increasingly opaque and incomprehensible to investors. The financial crisis emanating from the US made it clear that this is not just true of conventional small investors; it brought to light the fact that European banking institutions, too, were shifting vast quantities of nested securities that ultimately proved to be worthless.
Alongside strict control of the financial markets – including restrictions on certain speculative practices such as naked short selling – I therefore feel it is necessary to bolster the various compensation schemes for investors. In my view, consumer protection should be a major consideration when amending this directive. The proposals drafted by the rapporteur in this respect as regards the Commission’s text are therefore to be thoroughly welcomed. Those investing internationally, in particular – and in fact, most investors are likely to be doing so – must have legal certainty and predictability in respect of any claims. That is why we need a common level of protection, as mentioned previously."@en1
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