Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-03-29-Speech-1-045"
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"en.20040329.6.1-045"2
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"Madam President, Commissioner, I should like very much to thank the two rapporteurs, Mrs Villiers and Mr Skinner for their extraordinary work and for their energy and persistence during the negotiations with the Council. I would also thank Commissioner Bolkestein for these two important parts of the financial services action plan.
We can now create a common financial market within the EU. That is incredibly important and, just as Mr Katiforis says, it provides the opportunity for economic growth, continued competition and more job opportunities in line with the Lisbon process, which is proving far too slow. If we are to be able to achieve our objectives, it is important for investors and consumers to be able to rely upon the financial markets and their players. People have lost confidence in them because there have, unfortunately, been many scandals in recent years. We must therefore create credible regulations that are neither too ponderous and bureaucratic nor, however, too lightweight.
Where the directive on investment services and regulated markets is concerned, the rapporteur has done some exceptional work. I think that Mrs Villiers has shown a special ability to achieve reasonable and understandable compromises. I should like to say that she has been a very good European. It is the view of the Group of the European Liberal, Democrat and Reform Party that the committee’s amendments do a good job of balancing the requirements of investor choice and investor protection, as well as creating rules for soundly operating financial markets within the EU.
I recognise that Mr Huhne and I might have gone further, but we can live with the compromises. They provide the opportunity for continued competition between different trade centres. The amendments also mean the disappearance of what are termed the concentration rules.
Finally, a few words about Mr Skinner’s report. I myself have had difficulty with the committee’s wanting to delete the Commission’s proposals concerning mandatory quarterly reporting. Those countries that have introduced such reporting think that it operates well. That is also the view of the Stockholm stock exchange. One market player I talked with considered that those who could not account for their companies’ results and give their views on their companies’ futures each quarter had no place on the stock exchange. Now, there is a sensible compromise which, at a pinch, can be lived with: half-yearly reporting with a possible review of the directive within five years."@en1
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