Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-428-750"
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"en.20110705.34.2-428-750"2
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In order to ensure the functioning of the internal market, to improve the workings of the financial markets, and to ensure a high level of consumer and investor protection, it is important to set out a common framework of requirements and powers relating to short selling and credit default swaps, and to ensure greater coordination and consistency between Member States whenever it might be necessary to take measures in an exceptional situation. I think it is necessary to harmonise the framework for short selling and certain aspects of credit default swaps, so as to prevent the creation of obstacles to the Internal Market. It is appropriate for the provisions to take the legislative form of a regulation, as some provisions impose direct obligations on private parties to notify and disclose net short positions relating to certain instruments and regarding uncovered short selling. This type of regulation is also necessary in order to give the European Banking Authority – the European Securities and Markets Authority (ESMA) – powers to coordinate the measures taken by the competent authorities, or in order for it to take measures itself."@en1
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