Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-07-06-Speech-3-459"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech⁶
dcterms:Date	"2005-07-06"^^xsd:date⁶
dcterms:Is Part Of	lp_eu:Kliiring ja arveldus Euroopa Liidus⁶
dcterms:Language	"en"^^xsd:language⁶
lpv:document identification number	"en.20050706.34.3-459"⁶
lpv:hasSubsequent	lp_eu:2005-07-06-Speech-3-460⁶
lpv:speaker	lp:Ieke van den Burg⁶
lpv:spoken text	". Mr President, I wish to congratulate the rapporteur, Mrs Kauppi, on her well-balanced report, which is supported by most of the political groups and a large majority of the financial services industry. She has been active in finding compromises. We are still working on it: Mrs Starkevičiūtė from the Liberal Group, Mrs Berès and myself So you can see that the issue of clearing and settlement in the EU is really a ladies’ world. Mrs Kauppi took over from another lady, Mrs Villiers, who left the European Parliament to become a Member of the House of Commons in Britain. My Group was not very happy with her approach. In the explanatory statement of this report you can still find a reminder of her approach, which was very much anti-legislation and principally and vehemently against a directive on clearing and settlement. My Group and the PPE-DE Group do not exclude the need for a directive. This was also the starting point in the Andria report from a previous parliamentary term. We have chosen not to engage in an ideological battle about whether to have legislation, but to list pragmatically the issues to be taken into account politically, to assess the necessity, feasibility and desirability of legislation or other forms of regulation, and to wait for the factual impact assessments that the Commission is currently carrying out before making up our minds definitely. This is a more pragmatic and wise approach and I am happy that we managed to achieve it. Nevertheless, I wish to repeat some concerns. I should like to see a decent system of integrated European supervision – also in relation to competition rules. The Commission should keep a close eye on anti-competitive developments that could take place in this fragile clearing and settlement market, particularly in relation to possible consolidation of stock exchanges in Europe. I have noted that the Bundeskartelamt has just given the green light for a possible merger of Deutsche Börse and the London Stock Exchange, although this is no longer a real option. The UK Competition Commission will very soon deliver its opinion on this possible merger or on the other combination of Euronext and LSE. However, we have already raised the question of whether the European Commission should be more proactive and not leave it to the national competition authorities to judge the developments, because the financial markets – in particular the post-market activities – can have an enormous impact on these markets. At least we should monitor the various aspects from the point of view of competition and the impact on the smooth functioning of the European financial markets. My Group does not exclude competition rules as a consequence. Unbundling of different elements in the clearance and settlement value chain is not something we propose at this stage, but I would like to have more assurance that cross-subsidies do not exist in this industry and that custodian banks are free to transfer securities outside their home conglomerates. Let me finish by saying that CESR – the Committee of European Securities Regulators – has already been active on this issue, which has not always been welcomed by our committee, because what it was doing was not very transparent. It must be said that at least it has been proactive. I hope we can improve on the cooperation and the further elaboration of this regulation on clearing and settlement."@en⁴
lpv:spokenAs	member; ECON (2004-07-21--2007-01-14)²² substitute; IMCO (2004-07-21--2007-01-14)²² unknown; Partij van de Arbeid (2004-07-20--2009-07-13)²² member; Delegation for relations with Australia and New Zealand (2004-09-15--2007-03-13)²² member; PES (2004-07-20--2009-07-13)²²
lpv:translated text	"Mr President, I wish to congratulate the rapporteur, Mrs Kauppi, on her well-balanced report, which is supported by most of the political groups and a large majority of the financial services industry. She has been active in finding compromises. We are still working on it: Mrs Starkevičiūtė from the Liberal Group, Mrs Berès and myself So you can see that the issue of clearing and settlement in the EU is really a ladies’ world. Mrs Kauppi took over from another lady, Mrs Villiers, who left the European Parliament to become a Member of the House of Commons in Britain. My Group was not very happy with her approach. In the explanatory statement of this report you can still find a reminder of her approach, which was very much anti-legislation and principally and vehemently against a directive on clearing and settlement. My Group and the PPE-DE Group do not exclude the need for a directive. This was also the starting point in the Andria report from a previous parliamentary term. We have chosen not to engage in an ideological battle about whether to have legislation, but to list pragmatically the issues to be taken into account politically, to assess the necessity, feasibility and desirability of legislation or other forms of regulation, and to wait for the factual impact assessments that the Commission is currently carrying out before making up our minds definitely. This is a more pragmatic and wise approach and I am happy that we managed to achieve it. Nevertheless, I wish to repeat some concerns. I should like to see a decent system of integrated European supervision – also in relation to competition rules. The Commission should keep a close eye on anti-competitive developments that could take place in this fragile clearing and settlement market, particularly in relation to possible consolidation of stock exchanges in Europe. I have noted that the Bundeskartelamt has just given the green light for a possible merger of Deutsche Börse and the London Stock Exchange, although this is no longer a real option. The UK Competition Commission will very soon deliver its opinion on this possible merger or on the other combination of Euronext and LSE. However, we have already raised the question of whether the European Commission should be more proactive and not leave it to the national competition authorities to judge the developments, because the financial markets – in particular the post-market activities – can have an enormous impact on these markets. At least we should monitor the various aspects from the point of view of competition and the impact on the smooth functioning of the European financial markets. My Group does not exclude competition rules as a consequence. Unbundling of different elements in the clearance and settlement value chain is not something we propose at this stage, but I would like to have more assurance that cross-subsidies do not exist in this industry and that custodian banks are free to transfer securities outside their home conglomerates. Let me finish by saying that CESR – the Committee of European Securities Regulators – has already been active on this issue, which has not always been welcomed by our committee, because what it was doing was not very transparent. It must be said that at least it has been proactive. I hope we can improve on the cooperation and the further elaboration of this regulation on clearing and settlement."@cs¹ "Hr. formand, jeg vil gerne ønske ordføreren fru Kauppi tillykke med hendes velafbalancerede betænkning, som støttes af de fleste politiske grupper og et stort flertal i finansbranchen. Hun har været aktiv med at finde kompromiser. Vi arbejder stadig på det, fru Starkevičiūtė fra De Liberale, fru Berčs og jeg. Som De kan se, er spørgsmålet om clearing og afvikling i EU virkelig damernes verden. Fru Kauppi overtog sagen fra en anden dame, fru Villier, som forlod Europa-Parlamentet for at blive medlem af det britiske parlament. Min gruppe var ikke så glad for hendes tilgang. I betænkningens begrundelse finder man stadig rester af hendes tilgang, som var meget imod lovgivning og principielt og skarpt imod et direktiv om clearing og afvikling. Min gruppe og PPE-DE-Gruppen udelukker ikke, at der er behov for et direktiv. Det var også udgangspunktet i Andria-betænkningen fra en tidligere parlamentsperiode. Vi har valgt ikke at kaste os ud i en ideologisk kamp om, hvorvidt man skal have lovgivning, men i stedet pragmatisk at opremse de spørgsmål, som der skal tages højde for politisk, at vurdere, om lovgivning eller andre former for regulering er nødvendig, mulig og ønskelig og at vente på de konsekvensvurderinger, som Kommissionen er i gang med, før vi beslutter os endeligt. Det er en mere pragmatisk og klog tilgang, og jeg er glad for, at det er lykkedes os at opnå den. Ikke desto mindre vil jeg gerne gentage nogle bekymringer. Jeg vil gerne se et ordentligt, integreret europæisk overvågningssystem - også i forbindelse med konkurrencereglerne. Kommissionen bør holde godt øje med udviklinger, der skader konkurrencen, og som kunne finde sted på dette følsomme marked for clearing og afvikling, særligt i forbindelse med eventuelle konsolideringer af fondsbørser i Europa. Jeg har bemærket, at den tyske konkurrencestyrelse netop har givet grønt lys for en mulig sammenlægning af den tyske børs og børsen i London, selv om dette ikke længere er en reel mulighed. Det Forenede Kongeriges konkurrencemyndigheder vil snart komme med sin vurdering af denne mulige sammenlægning eller af den anden kombination af Euronext og børsen i London. Vi har imidlertid allerede rejst spørgsmålet om, hvorvidt Kommissionen skulle være mere proaktiv og ikke overlade det til de nationale konkurrencemyndigheder at vurdere udviklingen, for de finansielle markeder - særligt aktiviteterne - kan have enorme konsekvenser for disse markeder. Vi bør i det mindste overvåge de forskellige aspekter ud fra et konkurrencesynspunkt og konsekvenserne for funktionen af de europæiske finansmarkeder. Min gruppe udelukker ikke på forhånd, at konkurrenceregler kan blive konsekvensen. På nuværende stadium foreslår vi ikke, at man adskiller forskellige elementer i clearing- og afviklingskæden, men jeg ville gerne have større sikkerhed for, at der ikke findes krydssubsidier i denne branche, og at depotbanker frit kan overføre sikkerheder uden for deres hjemlige konglomerater. Lad mig slutte med at sige, at CESR allerede har haft fat i dette spørgsmål, hvilket ikke altid er blevet positivt modtaget i vores udvalg, fordi det ikke var helt gennemsigt, hvad man gjorde. Det skal siges, at udvalget i det mindste har været udfarende. Jeg håber, vi kan forbedre samarbejdet og det fortsatte arbejde med denne forordning om clearing og afvikling."@da² ". Herr Präsident! Ich möchte die Berichterstatterin, Frau Kauppi, zu ihrem ausgewogenen Bericht beglückwünschen, der von den meisten politischen Fraktionen und der großen Mehrheit der Finanzdienstleistungsindustrie unterstützt wird. Sie hat Kompromisse gefunden. Wir arbeiten immer noch daran: Frau Starkevičiūtė von der Fraktion der Liberalen, Frau Berès und ich. Sie sehen also, in der EU sind Clearing und Settlement Themen, mit denen sich vorwiegend Frauen beschäftigen. Frau Kauppi hat eine weitere Frau abgelöst, Frau Villiers, die aus dem Europäischen Parlament ausgeschieden ist, um Mitglied des britischen Unterhauses zu werden. Mit ihrem Herangehen war meine Fraktion nicht sehr zufrieden. Die Begründung des vorliegenden Berichts erinnert zum Teil noch an ihr Konzept, das deutlich gegen eine Rechtsverordnung sowie prinzipiell und vehement gegen eine Richtlinie über Clearing und Settlement gerichtet war. Meine Fraktion und die PPE-DE-Fraktion schließen die Notwendigkeit einer Richtlinie nicht aus. Dies war auch der Ausgangspunkt des Berichts Andria in einer früheren Wahlperiode. Wir ziehen es vor, keinen ideologischen Kampf darüber zu führen, ob es eine Rechtsvorschrift geben sollte, sondern pragmatisch jene Punkte aufzulisten, die politisch berücksichtigt werden müssen, um einzuschätzen, inwiefern eine Rechtsvorschrift oder andere Formen von Regulierung notwendig, durchführbar und wünschenswert sind, sowie die sachliche Abschätzung der Auswirkungen abzuwarten, die gegenwärtig von der Kommission vorgenommen wird, ehe wir uns endgültig entscheiden. Dies ist ein pragmatischeres und klügeres Herangehen, und ich freue mich, dass es uns gelungen ist, dies zu erreichen. Dennoch möchte ich einiges wiederholen, was uns Sorge bereitet. Ich hätte gern ein angemessenes System abgestimmter europäischer Kontrolle – auch hinsichtlich der Wettbewerbsregeln. Die Kommission sollte auf wettbewerbsfeindliche Entwicklungen achten, zu denen es in diesem empfindlichen Clearing- und Settlementmarkt kommen könnte, insbesondere im Zusammenhang mit einer etwaigen Konsolidierung der Börsen in Europa. Ich habe zur Kenntnis genommen, dass das Bundeskartellamt gerade grünes Licht für eine eventuelle Fusion der Deutschen und der Londoner Börse gegeben hat, obwohl dies keine reale Option mehr ist. Die Wettbewerbskommission des Vereinigten Königreichs wird sehr bald ihre Stellungnahme zu dieser möglichen Fusion oder zu der anderen Kombination von Euronext und LSE abgeben. Wir haben bereits die Frage aufgeworfen, ob die Europäische Kommission nicht mehr Eigeninitiative zeigen und es nicht den nationalen Wettbewerbsbehörden überlassen sollte, die Entwicklungen zu beurteilen, weil die Finanzmärkte – speziell die Nachmarktaktivitäten – enorme Auswirkungen auf diese Märkte haben können. Zumindest sollten wir die verschiedenen Aspekte aus Sicht des Wettbewerbs und die Folgen für das reibungslose Funktionieren der europäischen Finanzmärkte überwachen. Dementsprechend schließt meine Fraktion Wettbewerbsregeln im Vorhinein nicht aus. Wir schlagen in dieser Phase nicht die Entflechtung einzelner Elemente der Clearance- und Settlementleistungskette vor, aber ich hätte gern mehr Zusicherungen, dass es Quersubventionen in diesem Sektor nicht gibt und Depotbanken Wertpapiere außerhalb ihrer Inlandskonglomerate transferieren können. Abschließend möchte ich bemerken, dass der CESR – der Ausschuss der Europäischen Wertpapierregulierungsbehörden – in dieser Frage bereits aktiv gewesen ist, was von unserem Ausschuss nicht immer begrüßt wurde, weil nicht sehr transparent war, was er tat. Man muss sagen, dass er zumindest Initiative gezeigt hat. Ich hoffe, wir können die Zusammenarbeit und die weitere Gestaltung dieser Regulierung von Clearing und Settlement verbessern."@de⁹ "Κύριε Πρόεδρε, θέλω να συγχαρώ την εισηγήτρια, κ. Kauppi, για την ισορροπημένη έκθεσή της, η οποία υποστηρίζεται από τις περισσότερες πολιτικές ομάδες και τη μεγάλη πλειοψηφία του τομέα των χρηματοπιστωτικών υπηρεσιών. Υπήρξε δραστήρια στην εξεύρεση συμβιβασμών. Εξακολουθούμε να εργαζόμαστε για το θέμα αυτό: η κ. Starkevičiūtė από την Ομάδα των Φιλελευθέρων, η κ. Berès κι εγώ. Όπως βλέπετε λοιπόν το θέμα της εκκαθάρισης και του διακανονισμού στην ΕΕ είναι πραγματικά γυναικεία υπόθεση. Η κ. Kauppi συνέχισε το έργο μιας άλλης κυρίας, της κ. Villiers, η οποία άφησε το Ευρωπαϊκό Κοινοβούλιο για να γίνει βουλευτής της Βουλής των Κοινοτήτων στη Βρετανία. Η Ομάδα μου δεν ήταν ιδιαίτερα ικανοποιημένη με την προσέγγισή της. Στην αιτιολογική έκθεση αυτής της έκθεσης υπάρχει ακόμα ένα ενθύμιο της προσέγγισής της, η οποία ήταν σε μεγάλο βαθμό κατά της νομοθεσίας και κυρίως κατά μιας οδηγίας για την εκκαθάριση και τον διακανονισμό. Η Ομάδα μου και η Ομάδα ΕΛΚ-ΕΔ δεν αποκλείουν την ανάγκη για οδηγία. Αυτό ήταν επίσης το σημείο εκκίνησης στην έκθεση Andria από προηγούμενη κοινοβουλευτική περίοδο. Επιλέξαμε να μην εμπλακούμε σε ιδεολογική διαμάχη σχετικά με αν θα έπρεπε να έχουμε νομοθεσία ή όχι, αλλά να καταγράψουμε ρεαλιστικά τα θέματα που πρέπει να ληφθούν υπόψη σε πολιτική επίπεδο, να αξιολογήσουμε την αναγκαιότητα, τη σκοπιμότητα και την επιθυμία για νομοθεσία ή για άλλες μορφές ρύθμισης και να περιμένουμε τις εκτιμήσεις των επιπτώσεων που εκπονεί επί του παρόντος η Επιτροπή πριν πάρουμε οριστική απόφαση. Αυτή είναι πιο ρεαλιστική και συνετή προσέγγιση και χαίρομαι που καταφέραμε να την επιτύχουμε. Ωστόσο, θέλω να επαναλάβω ορισμένες ανησυχίες. Θα ήθελα να δω ένα αξιοπρεπές σύστημα ολοκληρωμένης ευρωπαϊκής εποπτείας – επίσης και σε σχέση με τους κανόνες ανταγωνισμού. Η Επιτροπή πρέπει να παρατηρεί στενά τυχόν εξελίξεις που στρεβλώνουν τον ανταγωνισμό σε αυτή την ευαίσθητη αγορά εκκαθάρισης και διακανονισμού, ειδικά όσον αφορά τη συγκέντρωση των χρηματιστηρίων στην Ευρώπη. Παρατήρησα ότι η Bundeskartelamt μόλις έδωσε το πράσινο φως για μια πιθανή συγχώνευση του χρηματιστηρίου της Φραγκφούρτης και του χρηματιστηρίου του Λονδίνου, αν και αυτή η επιλογή δεν είναι πλέον ρεαλιστική. Η επιτροπή ανταγωνισμού του Ηνωμένου Βασιλείου θα δημοσιεύσει πολύ σύντομα τη γνώμη της σχετικά με αυτή την πιθανή συγχώνευση ή σχετικά με τον άλλο συνδυασμό Euronext και χρηματιστηρίου του Λονδίνου (LSE). Εντούτοις, έχουμε ήδη εγείρει το θέμα σχετικά με το αν η Ευρωπαϊκή Επιτροπή πρέπει να είναι πιο προορατική και να μην αφήσει στις εθνικές αρχές ανταγωνισμού την κρίση των εξελίξεων, διότι οι χρηματοπιστωτικές αγορές –ειδικά οι δραστηριότητες μετά την αγορά– μπορούν να έχουν τεράστιες επιπτώσεις σε αυτές τις αγορές. Τουλάχιστον πρέπει να εποπτεύουμε τις διάφορες πτυχές από την πλευρά του ανταγωνισμού και των επιπτώσεων στην ομαλή λειτουργία των ευρωπαϊκών χρηματοπιστωτικών υπηρεσιών. Η Ομάδα μου δεν αποκλείει κατά συνέπεια εκ των προτέρων κανόνες ανταγωνισμού. Ο διαχωρισμός των διαφόρων στοιχείων στην αλυσίδα αξίας της εκκαθάρισης και του διακανονισμού δεν είναι κάτι που προτείνουμε σε αυτή τη φάση, αλλά θα ήθελα να υπάρχει μεγαλύτερη διασφάλιση ότι δεν υπάρχουν σταυροειδείς επιδοτήσεις σε αυτό τον τομέα και ότι τα τραπεζικά ιδρύματα θεματοφύλακες είναι ελεύθερα να μεταφέρουν τίτλους εκτός των εγχώριων κοινοπραξιών τους. Επιτρέψτε μου να ολοκληρώσω λέγοντας ότι η ΕΕΡΑΑΚΑ –η ευρωπαϊκή επιτροπή ρυθμιστικών αρχών των αγορών κινητών αξιών– δραστηριοποιείται ήδη στο θέμα αυτό, γεγονός που δεν ήταν πάντα ευπρόσδεκτο από την επιτροπή μας, διότι όσα έκανε δεν ήταν ιδιαίτερα διαφανή. Πρέπει να αναφερθεί όμως ότι τουλάχιστον υπήρξε προορατική. Ελπίζω να βελτιώσουμε τη συνεργασία και την περαιτέρω επεξεργασία αυτού του κανονισμού για την εκκαθάριση και τον διακανονισμό."@el¹⁰ ". Señor Presidente, quiero felicitar a la ponente, la señora Kauppi, por su equilibrado informe, que cuenta con el apoyo de la mayoría de grupos políticos y una gran mayoría de la industria de servicios financieros. Ha participado activamente en el logro de compromisos. Todavķa estamos trabajando en ello: la señora Starkevičiūtė del Grupo Liberal, la señora Berès y yo misma, con lo que pueden comprobar que la cuestión de la compensación y la liquidación en la UE es una cuestión de mujeres. La señora Kauppi sucedió a otra mujer, la señora Villiers, que abandonó el Parlamento Europeo para convertirse en Miembro de la Cámara de los Comunes en Gran Bretaña. Mi Grupo no estaba satisfecho con su enfoque. En la exposición de motivos de su informe todavía puede encontrarse un resumen de su enfoque, que era en gran medida antilegislativo, y principalmente y de forma vehemente estaba en contra de una directiva en materia de compensación y liquidación. Mi Grupo y el Grupo PPE-DE no excluyen la necesidad de una directiva. Este también era el punto de partida del informe Andria de una legislatura anterior. Hemos decidido no entrar en una batalla ideológica sobre si tener o no legislación, sino elaborar pragmáticamente las cuestiones que hay que tener en cuenta políticamente, evaluar la necesidad, viabilidad y conveniencia de la legislación u otras formas de reglamentación, y esperar las evaluaciones de impacto reales que la Comisión está llevando a cabo actualmente antes de tomar una decisión definitiva. Este es un enfoque más pragmático y sabio, y me complace que lo hayamos logrado. No obstante, quiero repetir algunas preocupaciones. Quisiera ver un sistema decente de supervisión europea integrada – también en relación con las reglas de la competencia. La Comisión debería seguir de cerca los acontecimientos contrarios a la competencia que podrían tener lugar en este frágil mercado de la compensación y la liquidación, especialmente en relación con la posible consolidación de Bolsas en Europa. He observado que acaba de dar luz verde a una posible fusión de la y el aunque esto ya no es una opción real. La Comisión de Competencia del Reino Unido ofrecerá su opinión muy pronto acerca de esta posible fusión o acerca de otra combinación de Euronext y . Sin embargo, ya hemos planteado la cuestión de si la Comisión Europea debería ser más activa y no dejar a las autoridades nacionales de la competencia que juzguen los acontecimientos, porque los mercados financieros –especialmente las actividades post-mercado– pueden tener un impacto enorme sobre estos mercados. Como mínimo deberíamos realizar un seguimiento de los distintos aspectos desde el punto de vista de la competencia y el impacto en el funcionamiento normal de los mercados financieros europeos. Como consecuencia, mi Grupo no excluye las reglas de la competencia . Separar los distintos elementos en la cadena de valores de la compensación y la liquidación no es algo que propongamos en este momento, pero quisiera disponer de una garantía mayor de que no existen filiales cruzadas en esta industria y que los bancos custodios son libres de transferir valores fuera de sus conglomerados domésticos. Permítanme finalizar diciendo que el CESR –el Comité de Reguladores Europeos del Mercado de Valores– ya ha actuado respecto a esta cuestión, que no siempre ha sido bien recibida por nuestra comisión, porque lo que hacía no era muy transparente. Hay que decir que al menos ha sido proactiva. Espero que podamos mejorar la cooperación y la posterior elaboración de este reglamento en materia de compensación y liquidación."@es²⁰ "Mr President, I wish to congratulate the rapporteur, Mrs Kauppi, on her well-balanced report, which is supported by most of the political groups and a large majority of the financial services industry. She has been active in finding compromises. We are still working on it: Mrs Starkevičiūtė from the Liberal Group, Mrs Berès and myself So you can see that the issue of clearing and settlement in the EU is really a ladies’ world. Mrs Kauppi took over from another lady, Mrs Villiers, who left the European Parliament to become a Member of the House of Commons in Britain. My Group was not very happy with her approach. In the explanatory statement of this report you can still find a reminder of her approach, which was very much anti-legislation and principally and vehemently against a directive on clearing and settlement. My Group and the PPE-DE Group do not exclude the need for a directive. This was also the starting point in the Andria report from a previous parliamentary term. We have chosen not to engage in an ideological battle about whether to have legislation, but to list pragmatically the issues to be taken into account politically, to assess the necessity, feasibility and desirability of legislation or other forms of regulation, and to wait for the factual impact assessments that the Commission is currently carrying out before making up our minds definitely. This is a more pragmatic and wise approach and I am happy that we managed to achieve it. Nevertheless, I wish to repeat some concerns. I should like to see a decent system of integrated European supervision – also in relation to competition rules. The Commission should keep a close eye on anti-competitive developments that could take place in this fragile clearing and settlement market, particularly in relation to possible consolidation of stock exchanges in Europe. I have noted that the Bundeskartelamt has just given the green light for a possible merger of Deutsche Börse and the London Stock Exchange, although this is no longer a real option. The UK Competition Commission will very soon deliver its opinion on this possible merger or on the other combination of Euronext and LSE. However, we have already raised the question of whether the European Commission should be more proactive and not leave it to the national competition authorities to judge the developments, because the financial markets – in particular the post-market activities – can have an enormous impact on these markets. At least we should monitor the various aspects from the point of view of competition and the impact on the smooth functioning of the European financial markets. My Group does not exclude competition rules as a consequence. Unbundling of different elements in the clearance and settlement value chain is not something we propose at this stage, but I would like to have more assurance that cross-subsidies do not exist in this industry and that custodian banks are free to transfer securities outside their home conglomerates. Let me finish by saying that CESR – the Committee of European Securities Regulators – has already been active on this issue, which has not always been welcomed by our committee, because what it was doing was not very transparent. It must be said that at least it has been proactive. I hope we can improve on the cooperation and the further elaboration of this regulation on clearing and settlement."@et⁵ ". Arvoisa puhemies, haluan onnitella esittelijä Kauppia hänen tasapainoisesta mietinnöstään, jota useimmat poliittiset ryhmät ja valtaosa rahoituspalvelualan toimijoista tukee. Hän on tehnyt aktiivisesti työtä kompromissien aikaansaamiseksi. Me työskentelemme edelleen tämän asian parissa: jäsen Starkevičiūtė liberaalien ryhmästä, jäsen Berès ja minä itse. Tästä voitte siis päätellä, että selvitystoiminta EU:ssa on todellakin naisten maailma. Jäsen Kauppi otti tehtävän hoitaakseen toiselta naiselta, jäsen Villiersiltä, joka luopui edustajantoimestaan Euroopan parlamentissa tultuaan valituksi Ison-Britannian alahuoneen jäseneksi. Ryhmäni ei ollut kovinkaan tyytyväinen hänen lähestymistapaansa. Mietinnön perusteluihin sisältyy edelleen viittaus hänen lähestymistapaansa, jossa suhtauduttiin erittäin kielteisesti tätä alaa koskevan lainsäädännön sekä periaatteessa ja voimakkaasti selvitystoimintaa koskevan direktiivin antamiseen. PSE-ryhmä ja PPE-DE-ryhmä eivät sulje pois direktiivin antamisen tarpeellisuutta. Tämä oli myös lähtökohtana parlamentin edellisellä vaalikaudella hyväksytyssä Andrian mietinnössä. Olemme päättäneet pysytellä syrjässä ideologisesta taistelusta, joka koskee sitä, pitäisikö selvitystoimialaa säännellä lainsäädännössä vai ei. Sen sijaan olemme päättäneet luetella käytännönläheisesti kysymykset, jotka on otettava huomioon poliittiselta kannalta, arvioida lainsäädännön tai muiden sääntelymuotojen tarpeellisuutta, toteuttamiskelpoisuutta ja suotavuutta sekä odottaa komission parhaillaan tekemiä tosiasiallisia vaikutusarviointeja ennen lopullisen päätöksemme tekemistä. Tämä on käytännönläheisempi ja järkevämpi lähestymistapa, ja olen iloinen, että onnistuimme löytämään sen. Haluan kuitenkin mainita jälleen muutamia meitä huolestuttavia kysymyksiä. Toiveenani on yhdennetyn eurooppalaisen valvonnan asianmukainen järjestelmä, jota sovelletaan myös kilpailusääntöihin. Komission tulisi seurata tarkasti kilpailunvastaista kehitystä, jota näillä herkillä selvitys- ja toimitusmarkkinoilla saattaa ilmetä erityisesti Euroopassa mahdolliseen tapahtuvaan pörssien konsolidoitumiseen liittyen. Olen pannut merkille, että Bundeskartelamt on juuri näyttänyt vihreää valoa Deutsche Börsen ja London Stock Exchangen mahdolliselle fuusiolle, vaikkei kyse olekaan enää todellisesta vaihtoehdosta. Yhdistyneen kuningaskunnan kilpailukomissio antaa hyvin pian lausuntonsa tästä mahdollisesta fuusiosta tai toisesta fuusiosta, jossa osapuolina ovat Euronext ja Lontoon pörssi (LSE). Olemme kuitenkin jo ottaneet esiin kysymyksen siitä, pitäisikö Euroopan komission ennakoida enemmän tulevaa kehitystä eikä jättää tämän kehityksen arvioimista kansallisten kilpailuviranomaisten tehtäväksi, koska rahoitusmarkkinoilla ja erityisesti markkinoille saattamisen jälkeisillä toiminnoilla voi olla valtava vaikutus selvitys- ja toimitusmarkkinoihin. Meidän pitäisi ainakin seurata eri näkökohtia kilpailun näkökulmasta ja niiden vaikutusta eurooppalaisten rahoitusmarkkinoiden moitteettomaan toimintaan. Ryhmäni ei näin ollen sulje pois mahdollisuutta antaa kilpailua koskevaa ennakkosääntelyä. Emme ehdota tässä vaiheessa selvitystoiminnan arvoketjun toimintojen eriyttämistä. Haluaisin kuitenkin saada suuremman varmuuden siitä, ettei tällä alalla anneta ristikkäistukea ja että säilytyspankit voivat vapaasti siirtää arvopapereita kotimaisten finanssiryhmittymiensä ulkopuolelle. Sallikaa minun päättää puheenvuoroni toteamalla, että Euroopan arvopaperimarkkinavalvojien komitea (CESR) on jo osallistunut aktiivisesti tämän kysymyksen käsittelyyn, mitä valiokuntamme ei ole aina pitänyt hyvänä asiana, koska komitean työ ei ole ollut kovinkaan avointa. On tosin todettava, että ainakin komitea on toiminut proaktiivisesti. Toivon, että voimme parantaa tätä yhteistyötä ja selvitystoimintaa koskevan asetuksen tulevaa valmistelua."@fi⁷ ". Monsieur le Président, je souhaite féliciter le rapporteur, Mme Kauppi, pour son rapport bien équilibré, que la plupart des groupes politiques et la grande majorité du secteur des services financiers soutiennent. Elle a contribué activement à la recherche de compromis. Nous y travaillons toujours: Mme Starkevičiūtė, du groupe libéral, Mme Berès et moi-même. Vous voyez donc que la question de la compensation et du règlement-livraison au sein de l’Union européenne est vraiment un monde de femmes. Mme Kauppi a pris à sa charge le rapport d’une autre femme, Mme Villiers, qui a quitté le Parlement européen pour siéger à la Chambre des communes, en Grande-Bretagne. Mon groupe n’était pas très satisfait de son approche. Dans l’exposé des motifs de ce rapport, vous trouverez des restes de cette approche, qui était très hostile à toute législation et, pour l’essentiel, violemment opposée à une directive sur la compensation et le règlement-livraison. Mon groupe et le groupe du PPE-DE n’excluent pas la nécessité d’une directive. C’était également le point de départ du rapport Andria, de la précédente législature. Nous avons choisi de ne pas nous engager dans un combat idéologique sur la question de savoir s’il était nécessaire d’adopter une réglementation, mais, avec pragmatisme, de dresser la liste des aspects à prendre en considération au niveau politique, d’évaluer la nécessité, la faisabilité et l’attrait d’un texte législatif ou d’autres formes de réglementation, ainsi que d’attendre les évaluations d’impact factuelles que la Commission mène actuellement, avant de prendre une décision définitive. C’est une approche plus pragmatique et plus sage et je suis ravie que nous soyons parvenus à l’appliquer. Néanmoins, je tiens à réitérer quelques préoccupations. Je voudrais que l’on adopte un système de contrôle intégré convenable au niveau européen - également concernant les règles de concurrence. La Commission doit surveiller de près les comportements anticoncurrentiels susceptibles de survenir sur ce fragile marché de la compensation et du règlement-livraison, notamment au vu de l’éventuelle fusion des Bourses en Europe. J’ai noté que le vient de donner le feu vert à une éventuelle fusion de la et de la même s’il ne s’agit plus d’une véritable option. La commission britannique de la concurrence donnera très prochainement son avis sur l’éventuelle fusion ou sur l’autre association d’Euronext et de la . Quoi qu’il en soit, nous avons déjà soulevé la question de savoir si la Commission européenne devait se montrer plus proactive et ne pas laisser les autorités nationales chargées de la concurrence juger les différents cas, car les marchés financiers - en particulier les activités de post-commercialisation - peuvent avoir un impact considérable sur ces marchés. Nous devons au moins surveiller les différents aspects en matière de concurrence et l’impact sur le bon fonctionnement des marchés financiers européens. Par conséquent, mon groupe n’exclut pas des règles de concurrence . Nous ne proposons pas à ce stade de différencier les aspects de la chaîne de valeur de la compensation et du règlement-livraison, mais je voudrais avoir plus de garanties sur l’inexistence de subventions croisées dans ce secteur et de la liberté des banques dépositaires à transférer des valeurs à l’extérieur de leur conglomérats intérieurs. Permettez-moi de finir en disant que le CERVM a déjà pris des mesures à cet égard, que notre commission parlementaire n’a pas toujours bien accueillies en raison de leur manque de transparence. Il convient de dire qu’il a au moins le mérite d’avoir agi. J’espère que nous pourrons améliorer la coopération et l’élaboration à venir de cette réglementation sur la compensation et le règlement-livraison."@fr^8,8 "Mr President, I wish to congratulate the rapporteur, Mrs Kauppi, on her well-balanced report, which is supported by most of the political groups and a large majority of the financial services industry. She has been active in finding compromises. We are still working on it: Mrs Starkevičiūtė from the Liberal Group, Mrs Berès and myself So you can see that the issue of clearing and settlement in the EU is really a ladies’ world. Mrs Kauppi took over from another lady, Mrs Villiers, who left the European Parliament to become a Member of the House of Commons in Britain. My Group was not very happy with her approach. In the explanatory statement of this report you can still find a reminder of her approach, which was very much anti-legislation and principally and vehemently against a directive on clearing and settlement. My Group and the PPE-DE Group do not exclude the need for a directive. This was also the starting point in the Andria report from a previous parliamentary term. We have chosen not to engage in an ideological battle about whether to have legislation, but to list pragmatically the issues to be taken into account politically, to assess the necessity, feasibility and desirability of legislation or other forms of regulation, and to wait for the factual impact assessments that the Commission is currently carrying out before making up our minds definitely. This is a more pragmatic and wise approach and I am happy that we managed to achieve it. Nevertheless, I wish to repeat some concerns. I should like to see a decent system of integrated European supervision – also in relation to competition rules. The Commission should keep a close eye on anti-competitive developments that could take place in this fragile clearing and settlement market, particularly in relation to possible consolidation of stock exchanges in Europe. I have noted that the Bundeskartelamt has just given the green light for a possible merger of Deutsche Börse and the London Stock Exchange, although this is no longer a real option. The UK Competition Commission will very soon deliver its opinion on this possible merger or on the other combination of Euronext and LSE. However, we have already raised the question of whether the European Commission should be more proactive and not leave it to the national competition authorities to judge the developments, because the financial markets – in particular the post-market activities – can have an enormous impact on these markets. At least we should monitor the various aspects from the point of view of competition and the impact on the smooth functioning of the European financial markets. My Group does not exclude competition rules as a consequence. Unbundling of different elements in the clearance and settlement value chain is not something we propose at this stage, but I would like to have more assurance that cross-subsidies do not exist in this industry and that custodian banks are free to transfer securities outside their home conglomerates. Let me finish by saying that CESR – the Committee of European Securities Regulators – has already been active on this issue, which has not always been welcomed by our committee, because what it was doing was not very transparent. It must be said that at least it has been proactive. I hope we can improve on the cooperation and the further elaboration of this regulation on clearing and settlement."@hu¹¹ "Signor Presidente, vorrei congratularmi con la relatrice, onorevole Kauppi, per l’equilibrata relazione, che è sostenuta dalla maggior parte dei gruppi politici e da un’ampia maggioranza del settore dei servizi finanziari. La relatrice si è impegnata nella ricerca di compromessi. Ci stiamo ancora lavorando: l’onorevole Starkevičiūtė del gruppo liberale, l’onorevole Berès ed io. Potete dunque vedere che la questione della compensazione e del regolamento nell’UE è davvero in mano alle donne. L’onorevole Kauppi è subentrata a un’altra donna, l’onorevole Villiers, che ha lasciato il Parlamento europeo per diventare membro della Camera dei Comuni del Regno Unito. Il mio gruppo non era molto soddisfatto del suo approccio. Nella motivazione di questa relazione si può ancora trovare un segno di quell’approccio fortemente antilegislativo e soprattutto energicamente contrario a una direttiva sulla compensazione e il regolamento. Il mio gruppo e il gruppo del PPE-DE non escludono che una direttiva possa essere necessaria. Questo era anche il punto di partenza della relazione Andria nella precedente legislatura. Abbiamo scelto di non ingaggiare una battaglia ideologica in merito all’opportunità di introdurre o meno una normativa, ma di elencare in modo pragmatico le questioni da affrontare mediante opportune politiche, di valutare la necessità, la fattibilità e l’auspicabilità di una legislazione o di altre forme di normative e di aspettare le effettive valutazioni di impatto che la Commissione sta attualmente svolgendo, prima di decidere in modo definitivo. Si tratta di un approccio più pragmatico e saggio e sono felice che ci siamo arrivati. Cionondimeno vorrei ricordare alcune preoccupazioni. Vorrei vedere un sistema adeguato di controllo integrato europeo, anche per le regole sulla concorrenza. La Commissione dovrebbe tenere d’occhio da vicino gli sviluppi anticoncorrenziali che potrebbero verificarsi in questo fragile mercato della compensazione e del regolamento, soprattutto in relazione al possibile consolidamento della concentrazione di borse in Europa. Ho visto che il ha appena dato il via libera all’eventuale fusione di e anche se non si tratta più di un’opzione reale. La commissione britannica per la concorrenza emetterà presto il proprio parere su questa eventuale fusione o sull’altra combinazione di . Ci siamo tuttavia già interrogati sull’opportunità che la Commissione europea sia più proattiva, invece di lasciare il compito di giudicare gli sviluppi alle autorità nazionali per la concorrenza, perché i mercati finanziari, in particolare le attività di postnegoziazione, possono avere un impatto enorme su questi mercati. Dovremmo almeno monitorare i vari aspetti dal punto di vista della concorrenza e l’impatto sul buon funzionamento dei mercati finanziari europei. Il mio gruppo di conseguenza non esclude regole sulla concorrenza. Per ora non proponiamo la separazione dei diversi elementi che costituiscono la catena di valori di compensazione e regolamento, ma vorremmo avere maggiori garanzie che in questo settore non esistono compensazioni incrociate e che le banche depositarie sono libere di trasferire titoli al di fuori dei conglomerati nazionali. Vorrei concludere dicendo che il Comitato delle autorità europee di regolamentazione dei valori mobiliari (in sigla CESR) si è già occupato della questione, cosa che non sempre è stata ritenuta positiva dalla nostra commissione perché l’operato di tale organo non è molto trasparente. Va detto che almeno ha agito in modo proattivo. Mi auguro che riusciremo a migliorare la cooperazione e l’ulteriore elaborazione di questo regolamento in materia di compensazione e regolamento."@it¹² "Mr President, I wish to congratulate the rapporteur, Mrs Kauppi, on her well-balanced report, which is supported by most of the political groups and a large majority of the financial services industry. She has been active in finding compromises. We are still working on it: Mrs Starkevičiūtė from the Liberal Group, Mrs Berès and myself So you can see that the issue of clearing and settlement in the EU is really a ladies’ world. Mrs Kauppi took over from another lady, Mrs Villiers, who left the European Parliament to become a Member of the House of Commons in Britain. My Group was not very happy with her approach. In the explanatory statement of this report you can still find a reminder of her approach, which was very much anti-legislation and principally and vehemently against a directive on clearing and settlement. My Group and the PPE-DE Group do not exclude the need for a directive. This was also the starting point in the Andria report from a previous parliamentary term. We have chosen not to engage in an ideological battle about whether to have legislation, but to list pragmatically the issues to be taken into account politically, to assess the necessity, feasibility and desirability of legislation or other forms of regulation, and to wait for the factual impact assessments that the Commission is currently carrying out before making up our minds definitely. This is a more pragmatic and wise approach and I am happy that we managed to achieve it. Nevertheless, I wish to repeat some concerns. I should like to see a decent system of integrated European supervision – also in relation to competition rules. The Commission should keep a close eye on anti-competitive developments that could take place in this fragile clearing and settlement market, particularly in relation to possible consolidation of stock exchanges in Europe. I have noted that the Bundeskartelamt has just given the green light for a possible merger of Deutsche Börse and the London Stock Exchange, although this is no longer a real option. The UK Competition Commission will very soon deliver its opinion on this possible merger or on the other combination of Euronext and LSE. However, we have already raised the question of whether the European Commission should be more proactive and not leave it to the national competition authorities to judge the developments, because the financial markets – in particular the post-market activities – can have an enormous impact on these markets. At least we should monitor the various aspects from the point of view of competition and the impact on the smooth functioning of the European financial markets. My Group does not exclude competition rules as a consequence. Unbundling of different elements in the clearance and settlement value chain is not something we propose at this stage, but I would like to have more assurance that cross-subsidies do not exist in this industry and that custodian banks are free to transfer securities outside their home conglomerates. Let me finish by saying that CESR – the Committee of European Securities Regulators – has already been active on this issue, which has not always been welcomed by our committee, because what it was doing was not very transparent. It must be said that at least it has been proactive. I hope we can improve on the cooperation and the further elaboration of this regulation on clearing and settlement."@lt¹⁴ "Mr President, I wish to congratulate the rapporteur, Mrs Kauppi, on her well-balanced report, which is supported by most of the political groups and a large majority of the financial services industry. She has been active in finding compromises. We are still working on it: Mrs Starkevičiūtė from the Liberal Group, Mrs Berès and myself So you can see that the issue of clearing and settlement in the EU is really a ladies’ world. Mrs Kauppi took over from another lady, Mrs Villiers, who left the European Parliament to become a Member of the House of Commons in Britain. My Group was not very happy with her approach. In the explanatory statement of this report you can still find a reminder of her approach, which was very much anti-legislation and principally and vehemently against a directive on clearing and settlement. My Group and the PPE-DE Group do not exclude the need for a directive. This was also the starting point in the Andria report from a previous parliamentary term. We have chosen not to engage in an ideological battle about whether to have legislation, but to list pragmatically the issues to be taken into account politically, to assess the necessity, feasibility and desirability of legislation or other forms of regulation, and to wait for the factual impact assessments that the Commission is currently carrying out before making up our minds definitely. This is a more pragmatic and wise approach and I am happy that we managed to achieve it. Nevertheless, I wish to repeat some concerns. I should like to see a decent system of integrated European supervision – also in relation to competition rules. The Commission should keep a close eye on anti-competitive developments that could take place in this fragile clearing and settlement market, particularly in relation to possible consolidation of stock exchanges in Europe. I have noted that the Bundeskartelamt has just given the green light for a possible merger of Deutsche Börse and the London Stock Exchange, although this is no longer a real option. The UK Competition Commission will very soon deliver its opinion on this possible merger or on the other combination of Euronext and LSE. However, we have already raised the question of whether the European Commission should be more proactive and not leave it to the national competition authorities to judge the developments, because the financial markets – in particular the post-market activities – can have an enormous impact on these markets. At least we should monitor the various aspects from the point of view of competition and the impact on the smooth functioning of the European financial markets. My Group does not exclude competition rules as a consequence. Unbundling of different elements in the clearance and settlement value chain is not something we propose at this stage, but I would like to have more assurance that cross-subsidies do not exist in this industry and that custodian banks are free to transfer securities outside their home conglomerates. Let me finish by saying that CESR – the Committee of European Securities Regulators – has already been active on this issue, which has not always been welcomed by our committee, because what it was doing was not very transparent. It must be said that at least it has been proactive. I hope we can improve on the cooperation and the further elaboration of this regulation on clearing and settlement."@lv¹³ "Mr President, I wish to congratulate the rapporteur, Mrs Kauppi, on her well-balanced report, which is supported by most of the political groups and a large majority of the financial services industry. She has been active in finding compromises. We are still working on it: Mrs Starkevičiūtė from the Liberal Group, Mrs Berès and myself So you can see that the issue of clearing and settlement in the EU is really a ladies’ world. Mrs Kauppi took over from another lady, Mrs Villiers, who left the European Parliament to become a Member of the House of Commons in Britain. My Group was not very happy with her approach. In the explanatory statement of this report you can still find a reminder of her approach, which was very much anti-legislation and principally and vehemently against a directive on clearing and settlement. My Group and the PPE-DE Group do not exclude the need for a directive. This was also the starting point in the Andria report from a previous parliamentary term. We have chosen not to engage in an ideological battle about whether to have legislation, but to list pragmatically the issues to be taken into account politically, to assess the necessity, feasibility and desirability of legislation or other forms of regulation, and to wait for the factual impact assessments that the Commission is currently carrying out before making up our minds definitely. This is a more pragmatic and wise approach and I am happy that we managed to achieve it. Nevertheless, I wish to repeat some concerns. I should like to see a decent system of integrated European supervision – also in relation to competition rules. The Commission should keep a close eye on anti-competitive developments that could take place in this fragile clearing and settlement market, particularly in relation to possible consolidation of stock exchanges in Europe. I have noted that the Bundeskartelamt has just given the green light for a possible merger of Deutsche Börse and the London Stock Exchange, although this is no longer a real option. The UK Competition Commission will very soon deliver its opinion on this possible merger or on the other combination of Euronext and LSE. However, we have already raised the question of whether the European Commission should be more proactive and not leave it to the national competition authorities to judge the developments, because the financial markets – in particular the post-market activities – can have an enormous impact on these markets. At least we should monitor the various aspects from the point of view of competition and the impact on the smooth functioning of the European financial markets. My Group does not exclude competition rules as a consequence. Unbundling of different elements in the clearance and settlement value chain is not something we propose at this stage, but I would like to have more assurance that cross-subsidies do not exist in this industry and that custodian banks are free to transfer securities outside their home conglomerates. Let me finish by saying that CESR – the Committee of European Securities Regulators – has already been active on this issue, which has not always been welcomed by our committee, because what it was doing was not very transparent. It must be said that at least it has been proactive. I hope we can improve on the cooperation and the further elaboration of this regulation on clearing and settlement."@mt¹⁵ "Mijnheer de Voorzitter, ik feliciteer de rapporteur, mevrouw Kauppi, met haar evenwichtige verslag, dat door de meeste fracties en een ruime meerderheid van de sector financiële diensten wordt gesteund. Mevrouw Kauppi heeft actief naar compromissen gezocht. Mevrouw Starkevičiūtė van de liberale fractie, mevrouw Berès en ikzelf werken er nog steeds aan. U ziet dus dat de kwestie clearing en afwikkeling in de EU en echte vrouwenwereld is. Mevrouw Kauppi heeft het overgenomen van een andere vrouw, mevrouw Villiers, die het Europees Parlement heeft verlaten om in Groot-Brittannië in het Lagerhuis zitting te nemen. Mijn fractie was niet zo gelukkig met haar benadering. De toelichting van dit verslag herinnert nog steeds aan haar benadering, die zeer anti-wetgeving was en principieel en fel tegen een richtlijn betreffende clearing en afwikkeling. Mijn fractie en de PPE-DE-Fractie sluiten de noodzaak van een richtlijn niet uit. Dat was ook het uitgangspunt in het verslag-Andria uit een eerdere zittingsperiode. We hebben ervoor gekozen geen ideologische strijd aan te gaan over de vraag of er wetgeving moet komen, maar de kwesties die politiek in overweging moeten worden genomen zakelijk op een rijtje te zetten, de noodzaak, haalbaarheid en wenselijkheid van wetgeving of andere vormen van regelgeving te beoordelen en de feitelijke effectbeoordelingen die de Commissie momenteel uitvoert, af te wachten voordat we definitief stelling nemen. Deze benadering is pragmatischer en verstandiger en ik ben blij dat we daarin geslaagd zijn. Toch wil ik een paar punten van zorg nog eens noemen. Ik zou graag zien dat er een goed werkend geïntegreerd Europees stelsel van toezicht komt - ook met betrekking tot mededingingsregels. De Commissie dient nauwlettend in de gaten te houden of er geen anti-concurrerende ontwikkelingen op de breekbare clearing- en afwikkelingsmarkt plaatsvinden, met name met betrekking tot de mogelijke consolidering van effectenbeurzen in Europa. Ik heb vernomen dat het Bundeskartelamt zojuist het licht op groen heeft gezet voor een mogelijke fusie tussen Deutsche Börse en de London Stock Exchange, hoewel dit inmiddels geen reële optie meer is. De Britse mededingingscommissie komt zeer binnenkort met haar standpunt over deze mogelijke fusie of over de andere combinatie van Euronext en de Londense beurs. We hebben echter al de vraag naar voren gebracht of de Europese Commissie niet proactiever moet zijn in plaats van de beoordeling van de ontwikkelingen aan de nationale mededingingsautoriteiten over te laten, omdat de financiële markten - met name de transactieverwerkende activiteiten - een enorme invloed op deze markten kunnen hebben. We moeten op zijn minst toezicht houden op de diverse aspecten vanuit het oogpunt van concurrentie en het effect op de soepel functionerende Europese financiële markten. Dientengevolge sluit mijn fractie mededingingsregels niet uit. In dit stadium stellen we geen ontbundeling van verschillende onderdelen van de clearing- en afwikkelingsketen voor, maar ik zou meer garanties willen dat er in deze sector geen sprake is van kruissubsidiëring en dat bewaarnemingsbanken vrij zijn effecten buiten de conglomeraten in hun eigen land over te boeken. Tot besluit wil ik nog zeggen dat het CEER - het Comité van Europese effectenregelgevers - al actie heeft ondernomen ten aanzien van deze kwestie, waar onze commissie niet altijd blij mee was, omdat zijn activiteiten niet erg transparant waren. Het moet gezegd dat het CEER in ieder geval proactief was. Ik hoop dat we de samenwerking en de verdere uitwerking van deze regelgeving met betrekking tot clearing en afwikkeling kunnen verbeteren."@nl³ "Mr President, I wish to congratulate the rapporteur, Mrs Kauppi, on her well-balanced report, which is supported by most of the political groups and a large majority of the financial services industry. She has been active in finding compromises. We are still working on it: Mrs Starkevičiūtė from the Liberal Group, Mrs Berès and myself So you can see that the issue of clearing and settlement in the EU is really a ladies’ world. Mrs Kauppi took over from another lady, Mrs Villiers, who left the European Parliament to become a Member of the House of Commons in Britain. My Group was not very happy with her approach. In the explanatory statement of this report you can still find a reminder of her approach, which was very much anti-legislation and principally and vehemently against a directive on clearing and settlement. My Group and the PPE-DE Group do not exclude the need for a directive. This was also the starting point in the Andria report from a previous parliamentary term. We have chosen not to engage in an ideological battle about whether to have legislation, but to list pragmatically the issues to be taken into account politically, to assess the necessity, feasibility and desirability of legislation or other forms of regulation, and to wait for the factual impact assessments that the Commission is currently carrying out before making up our minds definitely. This is a more pragmatic and wise approach and I am happy that we managed to achieve it. Nevertheless, I wish to repeat some concerns. I should like to see a decent system of integrated European supervision – also in relation to competition rules. The Commission should keep a close eye on anti-competitive developments that could take place in this fragile clearing and settlement market, particularly in relation to possible consolidation of stock exchanges in Europe. I have noted that the Bundeskartelamt has just given the green light for a possible merger of Deutsche Börse and the London Stock Exchange, although this is no longer a real option. The UK Competition Commission will very soon deliver its opinion on this possible merger or on the other combination of Euronext and LSE. However, we have already raised the question of whether the European Commission should be more proactive and not leave it to the national competition authorities to judge the developments, because the financial markets – in particular the post-market activities – can have an enormous impact on these markets. At least we should monitor the various aspects from the point of view of competition and the impact on the smooth functioning of the European financial markets. My Group does not exclude competition rules as a consequence. Unbundling of different elements in the clearance and settlement value chain is not something we propose at this stage, but I would like to have more assurance that cross-subsidies do not exist in this industry and that custodian banks are free to transfer securities outside their home conglomerates. Let me finish by saying that CESR – the Committee of European Securities Regulators – has already been active on this issue, which has not always been welcomed by our committee, because what it was doing was not very transparent. It must be said that at least it has been proactive. I hope we can improve on the cooperation and the further elaboration of this regulation on clearing and settlement."@pl¹⁶ "Senhor Presidente, queria felicitar a relatora, senhora deputada Kauppi, pelo seu equilibrado relatório, que tem o apoio da maior parte dos grupos políticos e de uma grande maioria da indústria dos serviços financeiros. A senhora deputada Kauppi tem desenvolvido grande actividade na busca de soluções. Nós ainda estamos a trabalhar no assunto, a senhora deputada Starkevičiūtė, do Grupo da Aliança dos Democratas e Liberais pela Europa, a senhora deputada Berès e eu própria. Como vêem, a questão da compensação e da liquidação na UE é realmente um mundo das senhoras. A senhora deputada Kauppi substituiu outra senhora, a senhora deputada Villiers, que abandonou o Parlamento Europeu para ocupar o cargo de membro da Câmara dos Comuns na Grã-Bretanha. O meu grupo não estava muito satisfeito com a sua abordagem do assunto. Na exposição de motivos deste relatório, ainda é possível encontrar algo que nos recorda essa abordagem, que era profundamente anti-legislação e, sobretudo, veementemente contrária a uma directiva relativa à compensação e à liquidação. Nem o meu grupo, nem o Grupo PPE-DE excluem a necessidade de uma directiva, o que também constituiu o ponto de partida no relatório Andria, de uma legislatura parlamentar anterior. Optámos por não nos envolvermos numa batalha ideológica sobre a necessidade ou não de legislação. Em vez disso, optámos por elaborar, pragmaticamente, uma lista de assuntos a tomar em conta do ponto de vista político, por avaliar a necessidade, viabilidade e conveniência de uma legislação ou de qualquer outra forma de regulamentação, e por aguardar a avaliação concreta do impacto a que a Comissão está actualmente a proceder, antes de tomarmos uma decisão de carácter definitivo. Esta é uma abordagem mais pragmática e sensata, pelo que me regozijo com o facto de a termos conseguido. Não obstante, queria enumerar de novo algumas das nossas preocupações. Pessoalmente, gostaria de ver um sistema decente de supervisão integrada a nível europeu – inclusive, em relação com as normas da concorrência. A Comissão devia vigiar de perto quaisquer acontecimentos de carácter anti-concorrência que possam registar-se neste frágil mercado da compensação e liquidação, particularmente no que diz respeito à possível consolidação da bolsa de valores da Europa. Tomei nota do facto de, muito embora isso já não constituir uma verdadeira opção, a ter acabado de dar luz verde a uma possível fusão da com a . A Comissão para a Concorrência do Reino Unido irá emitir, muito em breve, a sua opinião sobre esta possível fusão ou sobre a outra combinação da Euronext com a LSE. Todavia, já pusemos a questão de saber se a Comissão Europeia devia ou não ser mais pró-activa e não deixar às autoridades nacionais em matéria de concorrência a avaliação dos acontecimentos, uma vez que os mercados financeiros – particularmente as actividades pós-mercado – podem ter enorme impacto sobre estes mercados. Devíamos, pelo menos, acompanhar de perto os vários aspectos, do ponto de vista da concorrência e do impacto sobre o bom funcionamento dos mercados financeiros europeus. O meu grupo não exclui, como consequência, normas de concorrência . A separação dos diferentes elementos na cadeia de valores da compensação e liquidação não é algo que proponhamos fazer-se nesta fase. Pessoalmente, gostaria, porém, de ter maior garantia de que não existem nesta indústria subsídios cruzados e de que os bancos depositários têm liberdade para transferir títulos para fora dos seus conglomerados nacionais. Permitam-me que termine dizendo que o CESR - Comité das Autoridades de Regulamentação dos Mercados Europeus de Valores Mobiliários – já se ocupou deste assunto, coisa que a nossa comissão nem sempre apreciou, porquanto, as suas acções nem sempre eram muito transparentes. Devo dizer, porém, que, pelo menos, tem estado pró-activo. Espero que possamos progredir na nossa cooperação, bem como na posterior elaboração deste regulamento relativo à compensação e à liquidação."@pt¹⁷ "Mr President, I wish to congratulate the rapporteur, Mrs Kauppi, on her well-balanced report, which is supported by most of the political groups and a large majority of the financial services industry. She has been active in finding compromises. We are still working on it: Mrs Starkevičiūtė from the Liberal Group, Mrs Berès and myself So you can see that the issue of clearing and settlement in the EU is really a ladies’ world. Mrs Kauppi took over from another lady, Mrs Villiers, who left the European Parliament to become a Member of the House of Commons in Britain. My Group was not very happy with her approach. In the explanatory statement of this report you can still find a reminder of her approach, which was very much anti-legislation and principally and vehemently against a directive on clearing and settlement. My Group and the PPE-DE Group do not exclude the need for a directive. This was also the starting point in the Andria report from a previous parliamentary term. We have chosen not to engage in an ideological battle about whether to have legislation, but to list pragmatically the issues to be taken into account politically, to assess the necessity, feasibility and desirability of legislation or other forms of regulation, and to wait for the factual impact assessments that the Commission is currently carrying out before making up our minds definitely. This is a more pragmatic and wise approach and I am happy that we managed to achieve it. Nevertheless, I wish to repeat some concerns. I should like to see a decent system of integrated European supervision – also in relation to competition rules. The Commission should keep a close eye on anti-competitive developments that could take place in this fragile clearing and settlement market, particularly in relation to possible consolidation of stock exchanges in Europe. I have noted that the Bundeskartelamt has just given the green light for a possible merger of Deutsche Börse and the London Stock Exchange, although this is no longer a real option. The UK Competition Commission will very soon deliver its opinion on this possible merger or on the other combination of Euronext and LSE. However, we have already raised the question of whether the European Commission should be more proactive and not leave it to the national competition authorities to judge the developments, because the financial markets – in particular the post-market activities – can have an enormous impact on these markets. At least we should monitor the various aspects from the point of view of competition and the impact on the smooth functioning of the European financial markets. My Group does not exclude competition rules as a consequence. Unbundling of different elements in the clearance and settlement value chain is not something we propose at this stage, but I would like to have more assurance that cross-subsidies do not exist in this industry and that custodian banks are free to transfer securities outside their home conglomerates. Let me finish by saying that CESR – the Committee of European Securities Regulators – has already been active on this issue, which has not always been welcomed by our committee, because what it was doing was not very transparent. It must be said that at least it has been proactive. I hope we can improve on the cooperation and the further elaboration of this regulation on clearing and settlement."@sk¹⁸ "Mr President, I wish to congratulate the rapporteur, Mrs Kauppi, on her well-balanced report, which is supported by most of the political groups and a large majority of the financial services industry. She has been active in finding compromises. We are still working on it: Mrs Starkevičiūtė from the Liberal Group, Mrs Berès and myself So you can see that the issue of clearing and settlement in the EU is really a ladies’ world. Mrs Kauppi took over from another lady, Mrs Villiers, who left the European Parliament to become a Member of the House of Commons in Britain. My Group was not very happy with her approach. In the explanatory statement of this report you can still find a reminder of her approach, which was very much anti-legislation and principally and vehemently against a directive on clearing and settlement. My Group and the PPE-DE Group do not exclude the need for a directive. This was also the starting point in the Andria report from a previous parliamentary term. We have chosen not to engage in an ideological battle about whether to have legislation, but to list pragmatically the issues to be taken into account politically, to assess the necessity, feasibility and desirability of legislation or other forms of regulation, and to wait for the factual impact assessments that the Commission is currently carrying out before making up our minds definitely. This is a more pragmatic and wise approach and I am happy that we managed to achieve it. Nevertheless, I wish to repeat some concerns. I should like to see a decent system of integrated European supervision – also in relation to competition rules. The Commission should keep a close eye on anti-competitive developments that could take place in this fragile clearing and settlement market, particularly in relation to possible consolidation of stock exchanges in Europe. I have noted that the Bundeskartelamt has just given the green light for a possible merger of Deutsche Börse and the London Stock Exchange, although this is no longer a real option. The UK Competition Commission will very soon deliver its opinion on this possible merger or on the other combination of Euronext and LSE. However, we have already raised the question of whether the European Commission should be more proactive and not leave it to the national competition authorities to judge the developments, because the financial markets – in particular the post-market activities – can have an enormous impact on these markets. At least we should monitor the various aspects from the point of view of competition and the impact on the smooth functioning of the European financial markets. My Group does not exclude competition rules as a consequence. Unbundling of different elements in the clearance and settlement value chain is not something we propose at this stage, but I would like to have more assurance that cross-subsidies do not exist in this industry and that custodian banks are free to transfer securities outside their home conglomerates. Let me finish by saying that CESR – the Committee of European Securities Regulators – has already been active on this issue, which has not always been welcomed by our committee, because what it was doing was not very transparent. It must be said that at least it has been proactive. I hope we can improve on the cooperation and the further elaboration of this regulation on clearing and settlement."@sl¹⁹ ". Herr talman! Jag vill gratulera föredraganden Piia-Noora Kauppi till hennes välbalanserade betänkande, som de flesta politiska grupperna och en stor majoritet av finansbranschen stöder. Hon har aktivt sökt kompromisser. Vi arbetar fortfarande på det: Margarita Starkevičiūtė från den liberala gruppen, Pervenche Berès och jag, så ni ser att frågan om clearing och avveckling egentligen är kvinnornas område i EU. Piia-Noora Kauppi tog över efter en annan kvinna, Theresa Villiers, som lämnade Europaparlamentet för att bli ledamot av det brittiska underhuset. Min grupp tyckte inte att hennes linje var särskilt bra. I motiveringen till betänkandet finns det fortfarande en återstod av hennes linje, som var väldigt negativ till lagstiftning och framför allt och kraftigt emot ett direktiv om clearing och avveckling. Min grupp och PPE-DE-gruppen utesluter inte att det kan behövas ett direktiv. Detta var också utgångspunkten för Andriabetänkandet från en tidigare valperiod. Vi har valt att inte sätta i gång en ideologisk strid om huruvida vi skall ha lagstiftning eller inte, utan räknar i stället på ett pragmatiskt sätt upp de frågor som det skall tas politisk hänsyn till, bedömer om lagstiftning eller andra former av regleringar behövs, är genomförbara och önskvärda, och väntar på de objektiva konsekvensbedömningar som kommissionen för närvarande håller på att göra innan vi tar definitiv ställning. Detta är en mer pragmatisk och klok strategi, och jag är glad att vi kunde komma fram till det. Icke desto mindre vill jag upprepa att det finns några orosmoment. Jag vill ha ett anständigt system för integrerad europeisk övervakning – också när det gäller konkurrensreglerna. Kommissionen bör bevaka den konkurrensbegränsande utveckling som kan äga rum på denna ömtåliga marknad för clearing och avveckling mycket noggrant, särskilt i samband med en eventuell konsolidering av börserna i Europa. Jag har noterat att Bundeskartelamt nyligen gav grönt ljus för en möjlig sammanslagning av Deutsche Börse och Londonbörsen, även om detta inte längre är något reellt alternativ. Den brittiska konkurrenskommissionen kommer mycket snart att presentera sitt yttrande om denna möjliga sammanslagning och den andra kombinationen av Euronext och LSE. Vi har dock redan tagit upp frågan om Europeiska kommissionen borde vara mer förebyggande och inte överlämna till de nationella konkurrensmyndigheterna att bedöma utvecklingen, eftersom finansmarknaderna – särskilt verksamheten på eftermarknaderna – kan ha en enorm påverkan på dessa marknader. Vi bör åtminstone övervaka de olika aspekterna med utgångspunkt från konkurrensen och hur de inverkar på de europeiska finansmarknadernas funktionssätt. Min grupp utesluter således inte konkurrensregler på förhand. Vi föreslår inte att olika element i värdekedjan för clearing och avveckling skall behandlas för sig i det här skedet, men jag vill ha fler garantier för att det inte finns någon prisdifferentiering i branschen och att depåbankerna har rätt att överföra säkerheter utanför sina egna konglomerat. Låt mig sluta med att säga att Europeiska värdepapperstillsynskommittén (CESR) redan har varit aktiv i den här frågan, vilket inte alltid har välkomnats av vårt utskott, eftersom dess agerande inte var särskilt genomblickbart. Det måste sägas att den åtminstone har varit driftig. Jag hoppas att vi kan förbättra samarbetet och det fortsatta utarbetandet av denna förordning om clearing och avveckling."@sv²¹
lpv:unclassifiedMetadata	"Bundeskartelamt"^20,17,8 "Bundeskartellamt"¹² "Committee of European Securities Regulators"² "Deutsche Börse"^20,17,12,8 "Euronext"¹² "Ieke van den Burg,"^{5,19,15,1,18,14,16,11,13,4} "LSE"¹² "London Stock Exchange"^20,17,12,8 "ex ante"^{5,19,15,1,18,14,11,16,3,13,4,20,17,12,8} "on behalf of the PSE Group"^{5,19,15,1,18,14,16,11,13,4} "post market"²