Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-02-05-Speech-2-119"
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"en.20020205.5.2-119"2
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".
Before I explain why
I voted for the report in question, I would like to draw your attention to Mr von Wogau’s major contribution to Parliament’s work as a member of the Committee on Economic and Monetary Affairs. I know he will be just as valuable as a member of the Committee on Constitutional Affairs. My heartiest congratulations!
The process of integrating the financial markets involves reshaping all the structures which supplement financial services. In this context, it becomes even more important to take note of experience gained in markets outside as well as within Europe in terms of organisation, operating procedures and the functioning of control measures. In particular, to this end, we need to introduce new telematic technologies to increase the efficiency of the securities markets.
In fact, the use of these new instruments, which both allows the level of competitiveness between securities operators to grow and makes it possible to manage large volumes of transactions according to time frames and procedures which, until a few years ago, were unhoped for, has helped to raise the ‘quality’ of prices on these markets and to reduce brokerage costs.
The implementation and integration of the securities markets must, however, be based on a more effective decision-making process – I refer here to the Lamfalussy report – which safeguards the interinstitutional balance while fully respecting all the levels of democratic control established and in operation.
That said, the first thing we need to do is speed up and streamline the legislative process, adopting legislative acts at first reading where possible. Secondly, there must be an increase in transparency and provision of information, for these are an essential basis for the development of an integrated European securities market. The third improvement needed is consistency and clarity of procedures for both consumers and investors.
We therefore need an information system to facilitate transactions, from the placing of orders through to payment.
Lastly, it is vital to regulate the role of securities brokers. This should take the form of regulation of brokers and regulation of activities, in addition to establishing a new balance of supervisory powers in which Parliament’s powers are equal to those of the Commission."@en1
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