Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-03-12-Speech-1-167"
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"en.20070312.21.1-167"2
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"Mr President, I should like to thank Mr Klinz for all his valiant work in getting this agreed. Although we support the compromise with the Council, it does water down the Commission’s original intent and, frankly, the Commission’s original text would have been better in our view. Mr Klinz, as I say, strove valiantly to keep as close as possible to the original intent and to improve on it. My group would have been happy to have tightened it, with more transparency and less wriggle room for protectionists.
The Commission’s original deadline of 30 days for a prudential assessment has been extended up to a possible 90 days for non-EU acquirers, but the crucial point here is that at least there will be an absolute deadline. Thus, we can hope to avoid situations where a protectionist regulator can block a takeover by delaying tactics. In the interests of transparency, we would have preferred disclosure of the reasons for a supervisor’s decision, and this would have helped to develop a body of precedent and common practice around the EU. Sadly, there is a continuing preference in some Member States for secrecy.
Once again, the threat of hedge funds was raised in the context of amendments tabled by my group, which were designed to avoid difficulties for investment managers. We must get away from this knee-jerk reaction to hedge funds and private equity funds. They are helping to improve our economy just because they are active and demanding shareholders.
I hope now that supervisors will be persuaded to work more and more closely together, exchanging information and building up relationships of trust. It is in their own interest and, more importantly, it is in the interests of the financial services industry and of the whole EU economy. We are working towards a more open and competitive European market in financial services. This particular result is not all that I and my group would have wished. The fault for this lies mostly with the Council of Ministers, but we will be watching to see that it is operated in a proper spirit, rather than using every possible loophole and ambiguity to obstruct it. We must turn lip-service to the Lisbon Agenda into action, and this is one small step in that direction."@en1
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