Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-05-11-Speech-3-124-016"
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"en.20160511.13.3-124-016"2
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"I abstained on this report. While I support strong regulation of investment firms, I believe a review into the regulation of these firms should be completed before MEPs decide whether commodity dealers should be exempt from any requirements.
The proposed regulation aimed to extend an exemption for commodity dealers from large exposure requirements and own funds requirements contained within the current Capital Requirements Regulation from the end of 2017 to the end of 2020.
There are several aspects Sinn Féin is opposed to in the Capital Requirements Regulation and we would likely oppose the exemption from these requirements for commodity dealers on the basis that they are often large investment firms that engage in high-risk investment practices.
But I abstained instead of rejecting the proposal because the Commission is engaged in carrying out a review that will include both general investment firms and commodity dealers to determine what regulation is most appropriate to deal with the risk profile of both. The review will not be completed before the current sunset clause in the CRR will expire at the end of 2017, so I prefer not to vote on whether or not to continue the exemption until the review is completed."@en1
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