Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-439-687"

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"en.20110705.34.2-439-687"2
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"− Investors may not be aware of lacking or limited authorisations of investment firms, so it is important to protect them in situations in which investment firms act without or in breach of their authorisation, notably by holding client assets or providing services to a particular type of client without or contrary to the conditions of their authorisation. I therefore agree that schemes should cover clients’ assets which are held by investment firms in connection with any investment business. In order to be able to recover the funds paid for compensation, schemes making payments to compensate investors for failure of a depositary or a third party should have the right of subrogation to the rights of the investor or investment firm in liquidation proceedings for amounts equal to their payments. I also agree that this directive should not be intended to diminish the responsibility of investment firms for recovering assets from a depositary or custodian entity, and I voted for the document’s proposals."@en1

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