Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-05-18-Speech-1-058-000"
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"en.20150518.16.1-058-000"2
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"Mr President, I would like to begin by thanking the rapporteur for all her hard work in putting forward a sensible approach to this file and accommodating so many political groups in the compromise position we are voting on tomorrow.
This text provides a good framework for national competent authorities to supervise benchmark administrators within a sound European framework. This new regime will ensure that investors and consumers are protected across the entire EU. The approach rightly focuses a tough regime upon critical benchmarks and is not overly onerous upon other benchmarks that are easily substitutable. The focus upon transparency to users of benchmarks will allow investors and consumers to decide if they are happy with the way in which benchmarks are compiled and use alternatives should they find it necessary.
The more proportionate approach taken within Parliament’s text for non-critical benchmarks is to be welcomed. However, it is only possible if Member States are also able to choose to elevate a benchmark that may not naturally fall into the critical category, should they feel it is systemically important to their domestic market; indeed they should be able to upgrade to critical status if they think that index is particularly susceptible to manipulation.
As we begin negotiations with the Council and the Commission, I would urge all parties to pay particular attention to the way our third-country provisions interact, with a proportionate approach being proposed for non-critical benchmarks.
The use of internationally—agreed IOSCO principles to measure equivalence is of fundamental importance to improving the standards that benchmark administrators globally are held to, without creating the many problems we have seen with other pieces of legislation that have had an extra—territorial effect.
I look forward to working with the rapporteur and the rest of the negotiating team in trilogue to achieve a workable and beneficial outcome for all."@en1
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