Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-410-250"
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"en.20110705.34.2-410-250"2
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"I voted for the proposal for a regulation as I agree that in order to identify relevant classes of over-the-counter (OTC) derivatives that should be subject to the clearing obligation, the threshold and systemically relevant non-financial counterparties, reliable data is needed. Therefore, for regulatory purposes, I agree that it is important that a uniform OTC derivatives data reporting requirement is established at EU level. Moreover, I agree that a retrospective reporting obligation is needed, to the largest possible extent, for both financial counterparties and non-financial counterparties over the threshold, in order to provide the European Securities and Markets Authority with comparative data. If such retrospective reporting is not feasible for any class of OTC derivatives, I agree that an appropriate justification should be provided to the respective trade repository. I also believe that there should be effective, proportionate and dissuasive penalties with regard to the clearing and reporting obligations. Member States should enforce those penalties in a manner that does not reduce the effectiveness of those rules. I agree that Member States should ensure that the penalties imposed are publicly disclosed and that assessment reports on the effectiveness of existing rules are published at regular intervals."@en1
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