Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-26-Speech-5-258-250"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2012-10-26"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"pt"^^xsd:language2
lpv:document identification number	"en.20121026.23.5-258-250"2
lpv:hasSubsequent	lp_eu:2012-10-26-Speech-5-258-5002
lpv:speaker	lp:Luís Paulo Alves2
lpv:spokenAs	unknown; Partido Socialista (2009-07-14--2014-06-30)3 substitute; Delegation to the EU-Turkey Joint Parliamentary Committee (2009-09-16--2014-06-30)3 member; S&D (2009-07-14--2014-06-30)3 member; REGI (2012-01-19--2014-06-30)3 member; Delegation to the ACP-EU Joint Parliamentary Assembly (2009-09-16--2014-06-30)3 substitute; Delegation to the Euro-Latin American Parliamentary Assembly (2009-09-16--2014-06-30)3 substitute; AGRI (2012-01-19--2014-06-30)3
lpv:translated text	". In view of the fact that the Markets in Financial Instruments Directive (MiFID), in force since November 2007, is one of the cornerstones of financial regulation in the EU, I support this report and acknowledge the need for a revision of the current MiFID (MiFID II) in order to address its weaknesses. Since then, however, two developments have occurred that revealed the need for improvements: firstly, the financial markets have evolved, with the emergence of new products, for instance. Secondly, the financial crisis of 2008 and the period that followed it exposed weaknesses in the functioning and transparency of these markets, as well as shortcomings in the capacity of MiFID to deal with them. The European Commission has learned the necessary lessons and proposed that MiFID should be revised. Thus, I agree with the proposed new legislation, which comprises two different legal instruments, a directive (MiFID) and the Markets in Financial Instruments Regulation (MiFIR), both of which must be examined together. I will conclude by saying that I agree with the position of the rapporteur, who advocates that future debates should focus more on the impacts of MiFIR for non-financial firms."@en1

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