Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-479"
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"en.20100615.29.2-479"2
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"Mr President, I know that this is not one of our most headline-grabbing reports, but it deserves to be, because this Prospectus Directive has actually been crucial to regulating European firms’ access to capital. That, in itself, is vital for Europe’s potential for economic growth in the future.
It has been a delight to work with the shadow rapporteurs but most delightful under Mr Klinz’s guidance. He has added real value to the original Commission proposal and the Council’s position. I believe the resulting text is not only technically workable, but is a good balance between investor protection and easing the access to capital markets for enterprises in Europe. We have worked hard to get legal certainty and there is a clear process for updating and supplementing prospectuses. We have tried to help investors with the contents of the summary and the concept of key information.
I am particularly pleased that there will be a lighter disclosure regime for rights issues. I think that this will help not only larger companies, but smaller ones too. At a time when markets are volatile, it can be the cost of a prospectus that would put someone off even trying to raise additional capital. We do need to especially bear that in mind at this moment.
It is a very welcome precedent. I look forward to further analysis of the sector when we look at the MiFID Directive later on this year. As I said, this is an example of a concrete measure we are taking to improve Europe’s environment for entrepreneurs and for investing in our future."@en1
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