Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-25-Speech-4-071"
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"en.20030925.7.4-071"2
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".
The Commission’s proposal for a directive aims to protect investors (by setting harmonised requirements for the activities of authorised intermediaries) and help investment firms to operate at European level.
As this is a framework directive, it confines itself to defining the general high-level obligations that the Member States’ authorities should fulfil. It tries not to impose a specific market structure but to be flexible enough to accommodate the diversity of market structures in the various countries, as well as facilitating and promoting innovation in an environment of cooperation among national authorities. It clarifies and completes the list of financial instruments that can be negotiated on the regulated markets and between investment firms; it updates and harmonises the regulatory conditions that investment firms must fulfil, both at the time of the initial authorisation and subsequently; and it enhances the practical implementation of the ‘single passport’ for investment firms, reaffirming and extending the principle by which companies should be able to operate throughout the European Union on the basis of the authorisation and supervision provided by the competent authorities in their Member State of origin. The proposal touched – and touches – on sensitive, delicate issues, as was quite clear during the debates in the specialist committee, but in view of the balanced compromise position put forward by the rapporteur, Theresa Villiers, whom I warmly congratulate, I voted for it."@en1
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