Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-12-14-Speech-4-231"
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"en.20061214.46.4-231"2
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"Mr President, I have come to this issue only recently, but I am nonetheless surprised that those who tabled this oral question apparently want to stick so steadfastly to what is, essentially, an outmoded system of law relating to securities. It works adequately in a European context, but we are now concerned with participating fully in a global market, and the Hague Convention is designed to provide legal certainty in modern – global – circumstances, where securities are, more often than not, held indirectly via mostly electronic-based intermediaries. It defines the law as that specifically agreed by the participants, rather than by location of account, and, in these modern electronic conditions and in a system where there could well be multiple intermediaries, this seems a sensible solution.
The Commission has, therefore, concluded that the best solution is to sign up to the Convention. Indeed, it came to this conclusion after being asked by the Council to investigate the legal implications, which it has now done. The Hague Conference on private international law has been working since 1893 to harmonise international private law, and, on 5 July this year, the USA and Switzerland – not just the USA, but also Switzerland – were the first countries to sign the Convention. The Commission has recommended that the EU Member States should also sign it. Many of the other 64 Member States of the Conference are preparing to sign up to it. Instead, the Member States of the European Union seem unwilling to come to terms with reality, and we in Europe have as much, if not more, interest in achieving certainty in this area if we are to participate fully in today’s global financial markets. It will surely be critical in achieving an effective and efficient clearing and settlement system.
So please, colleagues, let us encourage the Commission and Member States to accede to this Convention. Europe should be in the vanguard of modernising and harmonising the legal context for securities. The Commission is prepared to provide the necessary amendments to Community law, so, surely, we should encourage – indeed, insist – that our Member States reach agreement and proceed to sign, and then ratify, this important Convention."@en1
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