Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-11-Speech-4-972"
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"en.20101111.21.4-972"2
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"The financial crisis that has hit the European Union hard has its roots in the ‘unbridled’ activity of numerous investment funds, particularly those from the United States. Amongst these funds, the alternative funds, or hedge funds, are characterised by aggressive speculation. This appears to be one of the major causes of the disaster, the consequences of which we are suffering today. In order to protect the future of the European market from the excesses of these alternative funds, I voted for the report by my colleague, Mr Gauzès. This text represents a major step forward in financial regulation. With this vote, we reinforce the powers of the European Securities and Markets Authority (ESMA). This European authority for financial markets will be set up on 1 January 2011 and will deliver, under strict conditions, a ‘passport’ permitting the activity of managers of alternative funds located in the European Union. The directive requires them to be authorised or registered, to respect operational and organisational requirements, and observe rules of conduct and transparency. It will subject them to the supervisory powers and ability to apply sanctions of the competent authorities of the Member States and of ESMA. At a later date, managers of funds located outside the European Union will be subjected to the same rules as those applying to European funds."@en1
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