Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-430-437"
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"en.20110705.34.2-430-437"2
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"I voted in favour of this important document. Directive 97/9/EC on Investor Compensation Schemes (ICSD) was adopted in 1997 to complement the Investment Services Directive, which was later replaced by the Markets in Financial Instruments Directive (MiFID). Ten years since the ICSD entered into force, and against the backdrop of the financial crisis, there is a need to review the functioning of the ICSD, because the Commission has received numerous complaints from investors about the application of this directive, which has sometimes led to investors experiencing very significant losses. Furthermore, this review must consider the objective set at G20 level of addressing any loopholes in the regulatory and supervisory system and the objective of restoring investor confidence in the financial system. The objectives of the proposal cannot be sufficiently fulfilled by the Member States, because the current EU framework only provides for some minimum harmonisation principles, leaving it up to Member States to develop it further. However, problems encountered in some Member States demonstrate that additional and notably more extensive harmonisation at EU level is necessary in order to ensure that the objectives of the directive are fulfilled within the EU. This directive’s amendments will improve the proper functioning of a single market for investment services, will increase investor protection and investor confidence in the European Union and will establish common rules to ensure a degree of harmonisation in the funding of the schemes and daily practice."@en1
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