Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-09-10-Speech-2-090-000"
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"en.20130910.10.2-090-000"2
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"Mr President, again I want to thank, in particular, my shadows for their commitment to what was a very detailed piece of work and a very complex dossier. Perhaps that is why Ms Swinburne misunderstood: what we have here are indeed minimum sanctions, they are not maximum. There is discretion to go further and indeed, as she has requested, we have also asked Member States to put in more resources so that we have more effective supervision and enforcement.
This is the beginning of a long-term process. While we have the potential to review the regulation, however, I want to ask colleagues to support this text with no amendments. I am baffled by the EFD Group amendment for a split vote which ultimately attempts to stop competent authorities from cooperating to tackle market abuse. It would mean they would not be able to gather evidence; it would mean they would not be able to conduct cross-border investigations on scandals such as that of LIBOR (the London Interbank Offered Rate). It would let perpetrators of market abuse off scot free: they would have a free ride. So I would ask colleagues not to vote for the EFD amendment. We need global cooperation and EU-wide cooperation to be able to conduct these investigations.
The Lithuanian Presidency representatives are not here but I wish to give them a very strong message – as, indeed, the Commissioner has done – that we would like to begin the trialogue, and to prioritise wrapping this up, with the question of criminal sanctions. We know some Member States have opted out here but that is not a reason not to proceed, and I hope the Lithuanian Presidency will accord the matter priority. I have been somewhat concerned to hear that this is not seen as one of the Presidency priorities. Let us hope we can change that with today’s vote, so we can put the final piece in this jigsaw.
Thanks again to my colleagues, to the Commission and to the Irish Presidency, and I hope today that we get a strong vote for strong rules on market abuse."@en1
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