Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-10-23-Speech-1-156"
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"en.20061023.19.1-156"2
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"Mr President, I wish to begin by thanking my colleagues who have worked on these very difficult dossiers. I welcome the spirit in which the implementing measures for the ‘Transparency’ and ‘Prospectus’ directives were formulated, after the very tough MiFID procedure for which I was the rapporteur before the spring break.
It is extremely important for the European Parliament to be able to have confidence in comitology, especially now, after the July decision. We are delegating a large part of our decision-making powers to the Commission and we want to ensure that the legislation enacted in the Lamfalussy process gives the best possible technical quality, as well as democratic legitimacy.
However, for Parliament to get rid of, for example, the sunset clauses – which is the wish of the Commission –we still need more guarantees on the improved procedure of the comitology decision and on Parliament having full influence on the second-level measures.
For the record, MiFID is a very important process and will certainly do far more than many people think for the financial services sector. It is also a good example of the influence Parliament can have. Industry and the market participants want us to use our powers more and people really respected the changes Parliament was making with that report. I think the same thing will happen with the ‘Transparency’ and ‘Prospectus’ directives.
It is very important that the European Parliament strengthens its powers in those areas. Through this we will be able to give more support to the Community. Sometimes there is unnecessary gold-plating by the Council. It has put forward proposals which are placing the single market at risk and I think that the Community’s soldiers – the Commission and the European Parliament – should march together on these issues, as it would benefit the single market."@en1
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