Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-13-Speech-1-240"
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"en.20101213.22.1-240"2
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"Mr President, on behalf of the Commission and of Commissioner Barnier in particular, I will answer by saying that improving transparency in financial markets and ensuring that all relevant market actors are subject to appropriate levels of regulation are key aims of this Commission and of the G20.
Finally, this review will reinforce supervision and enforcement across financial markets with a key role foreseen for the new European Securities and Markets Authority. In taking the work forward, the Commission services are working closely with our international partners, notably with the responsible regulators in the United States who are looking at the same issues, to ensure international convergence and avoid any risk of regulatory arbitrage.
The report by Ms Swinburne comes at an important juncture in the process of regulatory reform. We are encouraged by the commitment shown by MEPs and by the fact that your analyses and recommendations coincide very closely with ours. This report reinforces the basis for our work ahead.
I would like to congratulate Dr Swinburne and the Committee on Economic and Monetary Affairs for the report on trading in financial instruments, ‘dark pools’, etc. The report marks an important step in the context of the ongoing review of the Markets in Financial Instruments Directive (MiFID). Its recommendations are being closely integrated into the Commission’s thinking as we prepare the proposal for amending the existing directive in 2011. The MiFID review is an important part of the Commission’s agenda towards a more stable and transparent financial system working for society and the economy as a whole. Many pieces have already been put in place, not least, the launch of a new EU supervisory authority as of next month.
The Commission is committed to delivering proposals in the remaining areas by summer 2011. We count on the support of the European Parliament in moving swiftly to adopt the necessary reforms in order to ensure they are applied as soon as possible thereafter.
As you know, MiFID is a cornerstone of the EU regulatory framework for financial markets. It pre-dates the financial crisis but has, on the whole, proven to function well, even in the difficult and turbulent times of recent years.
Of course, some shortcomings have emerged. Technological progress and rapid developments in financial markets have also ensured that regulatory devices which were state-of-the-art some years ago are clearly outdated today.
On 8 December, the Commission published draft proposals for a consultation. We intend to be ambitious and comprehensive in tackling all challenges. While recognising that the original objectives of MiFID are still valid, the issues at stake are critical aspects of how our financial markets function, how open and transparent they need to be and how investors can gain access to financial instruments and investment opportunities.
Like the draft Economic Affairs Committee report, we perceive the need for improvements in the regulation of new types of trading platforms and trading methodologies. This should take proper account of the nature of the business with a view to ensuring a level playing field between actors and proper protection for investors as well as against disruptive market practices.
We also agree with the need to improve transparency rules applicable to trading in shares and to introduce new requirements for trading in other instruments. Another important area touched upon also in Dr Swinburne’s report is to improve the functioning and regulation of commodity derivative markets in line with G20 principles.
Furthermore, we aim to introduce targeted improvements to the existing rules regarding investor protection. Ensuring all products and selling practices are suitably covered under equal rules is a vital component in restoring investor confidence."@en1
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