Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-12-14-Speech-4-230"
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"en.20061214.46.4-230"2
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"Mr President, Commissioner, ladies and gentlemen, the Hague Conference has been working since 1893 with a view to unifying gradually the rules of International Private Law at world level through the drawing up of conventions.
The Convention introduces greater complexity and uncertainty, by introducing the possibility of numerous legislations being applied to a single system of recording, clearing and settlement. In the absence of harmonisation of the fundamental aspects, this may have adverse effects and put the system at risk.
The solution proposed, far from contributing to the unifying objective of the Conference, increases its incoherence and is incompatible with the Community legislation establishing the criterion of the location of the securities portfolio. This criterion had helped to increase certainty and efficiency within the Community.
According to the Convention, the power of negotiation will determine the law applicable. This opens the way to legislative relocation, to the detriment of investors and financial bodies. Its entry into force may encourage an uncontrolled process of world and regional consolidation of settlement and clearing activities, increasing the risk of concentration outside of the European Union and with damaging effects in the field of prudential supervision, the prevention of the funding of terrorism and the fight against money laundering.
The formula chosen may have repercussions in terms of the political rights of investors, transparency and good business governance.
It raises many doubts, and the proposal, Commissioner, should therefore be subject to a more exhaustive impact study or be abandoned and withdrawn.
On 5 October, the European Council, having heard the opinion of Parliament, adopted a Decision on the European Community’s accession to the Conference.
The current initiative relates to the Convention on the law applicable to certain rights in respect of securities held with an intermediary, which has been negotiated over three sessions of the diplomatic Conference held in December 2002.
This Convention is of an open nature, and hence, on 15 December 2003, although the European Community was not a member of the Conference in which it was drawn up, the Commission presented a proposal for a decision on its signature.
The first objective of this initiative is to emphasise the need to respect the European Parliament’s competences in this field and to guarantee more democratic control of the work relating to the Conference.
The European Union’s competences, in which the European Parliament acts as co-legislator, in relation to judicial cooperation in civil matters with cross-border repercussions are affected by the scope of the Convention insofar as is necessary to ensure the proper operation of the internal market.
Furthermore, according to the opinion of the European Central Bank, it may have consequences in terms of defining and implementing monetary policy, the operation of clearing and payment systems and the effectiveness of the provisions of the Community acquis.
The proposed signature of the Convention is causing considerable worries and serious concerns within the European Union, involving both the form and the content. The key element of the Convention, contained in its Article 4, which is that the law applicable in this field is that of the State whose identity is expressly agreed by the contracting parties, raises immense questions and risks that have yet to be resolved.
Its enormous possible legislative impact requires that Community standards be applied in order to better legislate for a consultation process and a public debate, as happened in the United Sates when legislative changes less extensive than those proposed in the Convention were carried out."@en1
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