Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-01-18-Speech-1-208-000"
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"en.20160118.18.1-208-000"2
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"Madam President, firstly I would like to thank Mr Balz for all his hard work on this file and the Commissioner for extending the deadline for his consultation. As others have stated, over the past five years the EU has put in place an unprecedented amount of financial services legislation. Therefore it is right that we take a step back and look at the overlaps and crossovers at this time.
Mr Balz’s report clearly emphasises that this review needs to go beyond value judgements and qualitative statements and stresses that any meaningful review should have a strongly quantitative aspect to it. For me the key areas of this report refer to the overlaps between files, particularly the crossover between MiFID and CRD IV, where we have brought new firms into markets legislation without adequately tailoring the capital standards to suit these new types of firms as yet. A similar issue of scope is seen with the clearing obligation in EMIR: the arrangements for non-financial firms that were intended to prevent financial firms from misusing a justified exemption have led to huge amounts of red tape for businesses that were never meant to be included.
I hope to work with the Commission on solutions via the formal consultation and review, where possible by issuing level two standards to solve these issues and give practical weight to better regulation."@en1
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