Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-475"
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"en.20100615.29.2-475"2
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"Mr President, ladies and gentlemen, when I had the honour of being heard by the European Parliament on 13 January, before being appointed as European Commissioner, I undertook to improve protection for investors and to reduce administrative costs to enterprises, especially small and medium-sized enterprises which, as we know, account for 80-90% of the economic fabric within the single market. I am therefore delighted that Parliament has adopted this revised directive on prospectuses at first reading. This is a modified directive, which simplifies and clarifies the rules for issuing securities, which supports small and medium-sized enterprises, as Mr Klinz just very properly reminded us, in accessing the capital markets, and which will help to reinforce the internal capital market. Negotiations on this directive benefited from close collaboration with Parliament and even more than that, given that important improvements were proposed by Parliament and the Council and, obviously, the Commission played its part.
I should therefore like, on behalf of the Commission, to extend my warmest thanks to your rapporteur, Mr Klinz, and to the Committee on Economic and Monetary Affairs for their efficient work and constructive cooperation. We are happy with this compromise text that we now have in our hands, which respects the spirit of the initial proposal.
The 2003 directive on prospectuses had very clear and undeniable merits. It laid down harmonised rules as to what European companies must publish when issuing securities, with one major innovation. Once a prospectus has been approved in one Member State, it is valid throughout the Union. However, the 2003 framework needed to be readjusted in order to improve the legal clarity and efficacy of the prospectus system and reduce administrative costs.
That is why, henceforth, thanks to you and thanks to this review, certain types of security issues will be subject to reduced declaration obligations for small enterprises, for small lenders and for rights issues and government guarantees. The form and content of the prospectus summary will be improved. Exemptions from the obligation to publish a prospectus have been clarified in cases where companies sell via intermediaries or retail chains or allot shares to staff. Finally, declaration obligations that currently overlap with the requirements of the transparency directive will be repealed.
Here is the result of our joint work. This revised directive will therefore provide a balanced tool adapted to the complex questions raised by investors and issuers on the capital markets, be they small and medium-sized enterprises or large, well-established companies. The adoption of this text at first reading will send out a strong signal that the Union respects its undertaking to simplify and reduce the administrative burden, while at the same time maintaining and even improving the level of protection for investors. That is why I should like once again to thank your rapporteur and to thank you for approving this dynamic compromise in favour of this simplification and, in particular, in favour of small and medium-sized enterprises throughout Europe."@en1
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