Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-23-Speech-2-333"
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"en.20030923.11.2-333"2
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".
Mr President, I shall briefly explain some of the points where we have some concerns with the amendments which have been proposed by this Parliament.
Finally, I hope that Mrs Lulling will gain much profit from investing in various football clubs!
As regards pre-trade transparency obligations for investment firms, Article 25, all the amendments related to pre-trade transparency, that is to say Amendments Nos 33 and 86 to 90, can be accepted at least partially or in principle, but we are not convinced of the necessity to allow for price improvement. We are not convinced that in the way it is presented in the amendments it is necessary or beneficial for the interests of retail investors.
We consider that the current exemption for commodity derivatives and the dealers of such instruments should apply on a consolidated basis. As already explained, in the conduct of business obligations we accept - and this is in line with the Commission's initial proposal - the limitation of the obligation on investment firms to carry out a full suitability test only for certain services.
Regretfully, we do not agree with a number of amendments referring to comitology provisions. Some of them are against the principles set out in the report of the Wise Men - the Lamfalussy approach in particular. We consider that implementing measures should only contain detailed technical rules, not principles.
The purpose of adopting level 2 measures is always to ensure uniform application of EU legislation in all Member States, so any vague formulations proposed in that respect cannot be accepted.
On the division of responsibilities between competent authorities, in the case of branches we consider that in order to ensure a correct functioning of the single market the principle of the host Member State regulation should only apply as an exception for determining the conduct of business rules and record-keeping. In this context the Commission is in a position to accept a large number of amendments, some of them in their entirety, but also a large number partially or in principle and with adaptations.
To conclude, the Commission can accept 36 amendments in their entirety. Furthermore, 62 amendments could be at least accepted partially or in principle, with some changes needed in order to ensure the overall coherence of the text.
We consider that 60 amendments have to be rejected. The Commission's opinion on the individual amendments has been provided in writing.
To conclude, I should like to congratulate Parliament for its most valuable efforts. The Commission considers that many of the amendments adopted constitute a good basis on which to continue discussions. Hardly a nanny state position, as I think you will agree. With such a constructive spirit, I am very confident that this Parliament, and the Council, will be able to adopt a proposal before the 2004 European Parliamentary elections."@en1
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