Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-12-12-Speech-1-097"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2005-12-12"^^xsd:date2
dcterms:Is Part Of	lp_eu:Markets in financial instruments2
dcterms:Language	"lt"^^xsd:language2
lpv:document identification number	"en.20051212.15.1-097"2
lpv:hasSubsequent	lp_eu:2005-12-12-Speech-1-0982
lpv:speaker	lp:Margarita Starkevičiūtė2
lpv:spokenAs	unknown; Liberalų ir centro sąjunga (2004-07-20--2009-07-13)3 substitute; BUDG (2004-07-22--2007-01-14)3 member; ECON (2004-07-21--2007-01-14)3 member; ALDE (2004-07-20--2009-07-13)3 member; Delegation for relations with Japan (2004-09-15--2007-03-13)3 substitute; Delegation for relations with Iran (2004-09-15--2007-03-13)3 member; CONT (2004-07-21--2007-01-14)3
lpv:translated text	". The document under consideration is very important not only for the European financial market, but also for the European Parliament itself for two reasons. First, with this document Parliament makes it clear that it is able to respond promptly to the reasoned requests of market participants to review the terms of the coming into effect of the directive. Second, which is equally important, Parliament asserts the possibilities and the rights to waive certain provisions of the directive should it become evident that the chosen strategy does not meet the needs of the market. The directive is an umbrella instrument. In a way, it summarises all the achievements in the market and enforces its regulation; however, increased attention should perhaps be paid to the drafting of this specialised legislation. Therefore, I would like to support the submitted proposal, but let me point out, on the other hand, that the present consideration has revealed significant flaws in the process of adoption of legal documents governing financial markets. We need to review the strategy for drafting these legal acts of the financial market: currently we frequently focus on technical details, while the real question here is about the process by which financial legal acts are approved. A number of options have been proposed, and yet none of them are adequate. Consider, for example, the changing of the deadline for the enforcement of a certain provision of the law even before it becomes operational. This means that during the preparatory stage market possibilities and needs were not properly considered. I would like to address the Commissioner on this point. He has been promising to reduce legal burden on the market, but I believe that this legal burden would abate provided we worked closer with market participants. We would then need fewer amendments to directives before they come into effect."@en1

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