Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-09-10-Speech-2-078-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2013-09-10"^^xsd:date2
dcterms:Is Part Of	lp_eu:Insider dealing and market manipulation (market abuse) (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20130910.10.2-078-000"2
lpv:hasSubsequent	lp_eu:2013-09-10-Speech-2-080-0002
lpv:speaker	lp:Kay Swinburne2
lpv:spoken text	"Mr President, I am very wary of those who think a vote on this regulation is the end of the story. The original Market Abuse Directive has been in place for the entire financial crisis and the many scandals of LIBOR (the London Interbank Offered Rate) and product mis-selling that we have seen across the EU in recent years have occurred despite the existence of legislation in individual Member States and in countries around the world. Having rules is not good enough. This has to be about effective supervision and enforcement. The competent national authorities on the ground need to make it clear that abusive practices will not be tolerated, and fines need to be set at such a high level as to be a genuine deterrent. Personally I am disappointed at the low level set in this legislation as a maximum fine that can be levied for market abuse: 15% of turnover is simply the price of doing business in some markets, and I fear it will not be an effective deterrent for some players. Recently, European banks found guilty of market manipulation by US authorities have been fined amounts ranging from USD 100 to USD 1 billion, on the basis not of their turnover but of the impact their actions have had on others. It is time that the EU as a whole enforced our market legislation on abuse firmly and successfully and prosecuted individuals and institutions across all our markets. In the interests of market confidence, I hope that my own Member State and as many others as possible will use the discretion given to them in this legislation to go further and make certain that financial crime does not pay. Deterrents, including punitive fines and, where necessary, criminal sanctions, need to be applied."@en1
lpv:spokenAs	substitute; Delegation to the Parliamentary Assembly of the Union for the Mediterranean (2012-03-28--2014-06-30)3 substitute; CULT (2012-01-25--2014-06-30)3 substitute; Delegation for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee (2009-09-16--2014-06-30)3 substitute; Delegation for relations with the Palestinian Legislative Council (2009-10-19--2014-06-30)3 member; ECON (2012-01-19--2014-06-30)3 unknown; Conservative Party (2009-07-14--2014-06-30)3 member; PECH (2009-07-14--2014-06-30)3
lpv:unclassifiedMetadata	"Kay Swinburne,"1 "on behalf of the ECR Group"1
lpv:videoURI	<go to Events_and_structure europarl>2

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