Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-412-875"
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"en.20110705.34.2-412-875"2
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"Over-the-counter derivatives lack transparency as they are privately negotiated contracts and any information concerning them is usually only available to the contracting parties. They create a complex web of interdependence, which can make it difficult to identify the nature and level of risks involved. I welcome this regulation as it lays down conditions for mitigating those risks and improving the transparency of derivative contracts. There should be effective, proportionate and dissuasive penalties with regard to the clearing and reporting obligations, and these should be enforced by the Member States in a manner that does not reduce the effectiveness of those rules. Member States should also ensure that the penalties imposed are publicly disclosed and that assessment reports on the effectiveness of existing rules are published at regular intervals. Moreover, it is essential that the right to privacy of individuals is protected when processing personal data, in accordance with Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and of the freedom of movement of such data."@en1
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