Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-03-29-Speech-1-053"
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"en.20040329.6.1-053"2
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"Madam President, the intention behind the draft directive on stock exchange transparency is to improve protection for investors, to foster greater confidence among them and to cut capital expenditure. It is also meant to promote investment in Europe’s financial markets. I support it insofar as it aims to do these things, but it has been necessary, on a number of occasions, to adjust its course. Most of my amendments were accepted, and Mr Skinner was amenable to compromise, so we were able to improve the Commission draft at crucial points. One of them, to take an example, was Article 6, which dealt with quarterly reports. If they are to function properly, financial markets need reliable information on companies, but what investors value is the quality of the information rather than the frequency with which it is supplied. Neither in terms of costs nor of resources are small- and medium-sized enterprises able to cope with quarterly reporting. I am pleased to say that we have together been able to delete Article 6.
A second example is the medium whereby issuers disseminate information. In Article 17, the Commission insisted that company information should be published only on the Internet and that notifications should be sent out only by email. We can see from the example of this House how we are constantly deluged with emails, and the appalling amount of junk data that we have; are investors supposed to work their way through that sort of thing in order to get at the quality information? I think it would be utterly impossible. We have improved matters by including print media, which are the form of publication used by companies quoted on stock exchanges. Not only have we been able to ensure the inclusion of such print media in Article 17, but we have also succeeded in deleting the clause that imposed exclusive use of the Internet. I am glad that we have been able to do this.
Mr Skinner’s report is a balanced one and we in the Committee on Economic and Monetary Affairs quite rightly adopted it by a large majority. I have advised my group, that of the European People’s Party (Christian Democrats) and European Democrats, to give it overall support."@en1
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