Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-06-13-Speech-2-349"
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"en.20000613.20.2-349"2
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"Madam President, I am delighted to at least have the opportunity of contributing to this debate on behalf of the PPE, and firstly to congratulate Mr Berenguer Fuster for the work that he has done in relation to this report.
I recognise that his report is quite brief, but that belies the amount of work that has had to be undertaken because the issue that we are considering is a complex one as he made clear in the course of his remarks. We are dealing in essence with the compromise between access to confidential information, information which comes into the hands of a whole range of regulatory authorities, and the use that is subsequently made of that information. We know that the information is in general gathered as a result of the obligations that rest with companies from the whole of the inspection regime.
We have a range of regulators now, across the whole of the European Union, but we very often have a whole range of regulators within Member States themselves, and the dilemma of how information is in fact used is one that is not just a dilemma for the Community and its exchange of information with regulators beyond the Community itself. We often have that dilemma within Member States. I certainly have had first-hand experience of government in the United Kingdom where I can remember very many instances where the government has been on the point of granting a contract to a particular company only to find out that another branch of government is actually engaged in starting legal proceedings for one reason or another against that very company. This is often described as the left arm of government not knowing what the right arm is doing, but what it is really about is the willingness on the part of the regulatory authorities within Member States, but also within the European Union and beyond, to exchange information whilst at the same time respecting confidentiality.
That brings me to the second brief point that I wish to make this evening which is about the need for the consolidation of regulatory authorities themselves. That is a process that has been undertaken within the United Kingdom. Recently, Howard Davies, who heads the new Financial Services Authority in the UK, was speaking to our Economic and Monetary Affairs Committee and outlining what that experience has been. It has not been a wholly easy experience, but I think that people are broadly of the view that the consolidation of regulatory authorities within the United Kingdom has been a success. It is something that could be commended to other authorities within the European Union, not least because it would lead to a common approach to the use of the information that is made available by this process, to the advantage of investors throughout the whole of the European Union itself."@en1
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