Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-03-13-Speech-3-331"
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"en.20020313.12.3-331"2
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"Madam President, I would first like to congratulate the Commission on its proposal on the prospectus that it initially forwarded to us. I think we can improve the text but I am afraid that Parliament will ruin it if it supports the opinion of the Committee on Economic and Monetary Affairs, and I hope that the vote tomorrow will enable us to make the necessary adjustments.
We are all in favour of the unification of the financial markets. It is essential if we wish to fulfil the objectives that we set ourselves in Lisbon. However, let us not forget what happened across the Atlantic. How can we fail to mention an affair that is still being talked about even now, the Enron affair, and fail to see that the lack of transparency and the lack of credibility of financial information were also among the reasons for this situation?
Neither can we fail to mention the number of start-ups that collapse day after day, even though almost as many are launched every day? We need a financial market that is open, accessible to all, mature, transparent, safe and sound, with no distortion of competition and with protection for all, which means access to cheap financial services for companies but also protection of savers, which means all savers, including small-time savers.
In order to do that, I think that there are two fundamental principles that we need to restore in the text that we have received from the Committee on Economic and Monetary Affairs.
First of all, we need a simple rule regarding the authority responsible for monitoring the prospectus, which is the rule of the country where the issuer has its headquarters. That is the basic rule in the whole structure of the internal market. Let us maintain it, we need it. We need a competent authority with a clearly defined role, with no possibility for delegation. These are three key elements as far as the regulatory authority is concerned.
As far as the scope of application of the directive is concerned, there is the issue of SMEs. We need just as much information on SMEs as we do on large companies. It may be possible to make allowances by only requiring information from them on a yearly basis, but otherwise it is out of the question to exclude SMEs from the scope of the directive, as that would compromise the virtues of the European passport."@en1
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