Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-488"
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"en.20100615.29.2-488"2
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"Madam President, may I once again thank each and every speaker for their approval and additional remarks. Clearly, the text that will be passed is a dynamic compromise. As such, it cannot include every idea and every suggestion made but, at the same time, I think that Parliament, Mr Klinz, your committee, the Committee on Legal Affairs and others have good reason to be satisfied, because the current text has benefited greatly – and I speak as I find – from your comments, proposals and constructive criticism throughout the process of negotiation.
A large number of amendments that you introduced, together with other colleagues from the Committee on Economic and Monetary Affairs, have been integrated into the text; especially, and I repeat, ladies and gentlemen, regarding the scope of the directive, provision on key information to be included in the prospectus summary, the regime applicable to employees or even the ‘lisbonisation’ – to coin a phrase – of the Prospectus Directive.
Mr Feio mentioned the conflict between protection for investors and the needs of small and medium-sized enterprises. May I remind him that a proportionate prospectus will be developed for small and medium-sized enterprises. Mr Cutaş also raised this commitment, this particular treatment for small and medium-sized enterprises. A proportionate prospectus will therefore be developed, Mr Feio, for small and medium-sized enterprises, a level 2 prospectus, but which respects the need for investors to be protected.
Another point which Mrs Essayah raised just now was qualified investors and the treatment of private individuals. The directive takes full account of the difference between the two. I would remind you that the summary will be instrumental in safeguarding proper and fair protection for private individuals.
Ladies and gentlemen, the Commission is able to accept all the amendments and therefore supports the text, as do – I have noted – Mr Klinz, the various speakers from the groups, Mr Feio, Mrs Stihler, Mr Schmidt and Mrs Ford, who approved this excellent compromise on behalf of their groups. We are certain that this directive will make a difference in strengthening protection for investors and reducing the administrative costs for issuers, that it will make an even bigger contribution towards developing a real capital market in the European Union. We must not miss this opportunity.
I should like to finish by thanking Mr García-Margallo for his contribution because, over and above this text, which marks real progress, he has set this progress in a much more general context, on which, moreover, he is working very efficiently in the supervision package, the transparency package under discussion. May I remind you that this review will improve the elements of transparency and adapt it to issuers, especially small and medium-sized enterprise, while at the same time – I repeat – respecting protection for investors. The element of supervision was included in the supervision package, the omnibus text, and it is that text that Mr García-Margallo is working on, with other colleagues, while calling on us to demonstrate collective boldness.
You have demonstrated that in this text, which marks real progress, and I trust that, all together, we shall prove that, with the Council, in compromises that are just as dynamic, compromises that we shall need to find over coming days on other texts currently under discussion, on the regulation on hedge funds and private equity and, above all, on the major European supervision project that we need for this text, on the credit rating agencies we were talking about earlier and on numerous other questions of regulation, transparency and control, which are the lesson that we must learn from the crisis. It is our responsibility."@en1
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