Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-254"
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"en.20100922.20.3-254"2
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"The establishment of the European Securities and Markets Authority is part of the EU’s strategy aimed at strengthening the role of the European market supervisory executive in order to prevent situations arising which will lead to systemic risks of the kind which have shaken the financial markets since September 2008 and the economies of almost every country thereafter. However, the new feature of this authority is not that it will receive centralised supervision powers because, in this respect, we can include all the other authorities which make up the European System of Financial Supervisors, but that, for the first time, a European authority is being granted responsibilities for supervising the actors in a market directly, which also presupposes being involved in granting authorisation, carrying out investigations and imposing sanctions.
This is happening at a time when the previous supervision system was restricted to simply regulating and drafting proposals which were subsequently passed on to the relevant authorities in Member States. I wish to sincerely express both my appreciation and curiosity facing this challenge and I am looking forward to seeing how the directives’ provisions will be implemented and what will be changed as a result of creating this agency (in other words, the directive on credit rating agencies where the main players are not only extremely important, but are also major global operators)."@en1
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