Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-434-032"
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"en.20111115.27.2-434-032"2
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"At the height of the financial crisis in September 2008, competent authorities in several Member States and the US adopted emergency measures to restrict or ban short selling in some or all securities. The measures adopted by Member States differed, as the Union lacks a specific legislative framework for dealing with short selling.
To ensure the functioning of the financial markets, and to ensure a high level of consumer and investor protection, it is necessary to harmonise the framework for short selling and certain aspects of credit default swaps, particularly in order to maintain financial stability. It is appropriate for the framework provisions to take the form of a regulation. Regulations impose a direct obligation on private parties to publish information. They also delegate powers to the European Securities and Markets Authority (ESMA). The ban on so-called naked short selling is also appropriate. The current debt crisis shows how speculators who do not own bonds of euro area Member States but only bet on them can cause entire states to go bankrupt. It is therefore important that only bond holders can engage in covering securities through credit default swaps. Last but not least, we also need to strengthen ESMA’s powers. I take the view that it should be the Ministers for Finance who take decisions in so-called exceptional situations, and not ESMA."@en1
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