Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-02-17-Speech-4-010"
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"en.20000217.2.4-010"2
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"Mr President, at the outset I wish to place on the official record of the House my thanks for the tremendous work undertaken by Mr Schmidt, our rapporteur. I was in fact the surrogate father of these reports during the previous Parliament. We failed over the last six years to get any compromise or agreement with regard to this matter. In a short space of time Mr Schmidt has managed to bring it forward to this final stage within Parliament. I thank him for that.
As the draftsperson for the opinion of the Committee on Legal Affairs and the Internal Market, I also wish to place on record my thanks to the secretariat of both the Legal Affairs Committee and the Economic Affairs Committee for their cooperation on this matter.
I am speaking today wearing a number of hats: firstly, as the surrogate father of this report; secondly, as the draftsperson of the opinion; and most importantly, as one who sees the tremendous advantages which can be gained for the European Union from a harmonised system of UCITS investment to ensure that monies presently being earned in Europe but invested outside the European Union and not put to the benefit of the Union economy can be retained within the economy for the creation of entrepreneurship, employment and also for guaranteeing future pension rights.
There is little disagreement amongst Members with regard to the first proposal. It puts into place a certain number of controls and mechanisms to ensure that we can have this kind of harmonised regulatory authorities. However, it is in relation to the second proposal that there is most concern. I have a number of ideas which should be put across. Firstly, the idea of an EU passport for management companies is to be welcomed; and the home-state approval rule is also to be welcomed. However, instead of imposing a new regime, we could have used the Investment Services Directive as the analogy for this regime. It seems unusual that we failed to grasp that opportunity. Many Members have been working on the basis of trying to protect their own countries’ national interests rather than improving the overall system for Europe.
We will have to revisit this issue again in the near future. I call on Members to ensure by their votes today or that we can put Europe on a sound footing for the short term, if not for the long term."@en1
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