Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-06-14-Speech-3-403"
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"en.20060614.23.3-403"2
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".
Mr President, I thank Parliament for the very valuable contribution it has made to the whole process. I consider that this is a perfect example of how well all three institutions can work together to the benefit of the European financial markets.
Europe should be proud today to give itself a regulatory framework for financial markets which will put it at the forefront of the world’s financial centres and improve the competitiveness of the European economy as a whole. I congratulate everyone for achieving this result.
On two proposed amendments which were not accepted by the Commission – Amendments 4 and 7, to which the rapporteur made reference – I should like to say that with regard to the disclosure of the identification of the client, the Commission favours a more flexible approach. Practices, as well as assessment of the usefulness of requiring identification, vary in Member States. It can be an invaluable tool in the investigation of market abuse. The Commission prefers to leave this issue unharmonised at this stage.
The Commission is not in favour of Amendment 7, which relates to deferring the publication of information relating to portfolio trades. Our current proposal on portfolio trades is that the block regime will apply with respect to each constituent share. If accepted, the amendment could weaken transparency requirements. By including only one transaction for which delay is permitted in a portfolio trade, a delay for the whole portfolio would be obtained.
Finally, I am certain that Commissioner McCreevy will gladly accept your invitation to discuss this subject further with you at the next part-session in Strasbourg."@en1
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