Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-03-13-Speech-3-329"
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"en.20020313.12.3-329"2
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"Madam President, Mr Huhne, although we in the Committee on Economic and Monetary Affairs voted for your report – I am speaking of the Huhne report – that certainly does not mean that we supported it wholeheartedly. There are limits to our willingness to cooperate. I would like to repeat once again my group's objectives, which are market-oriented and user-friendly. The Directive on prospectuses should make the market easy to understand and make products transparent. We are in absolute agreement on that. Likewise, investors need serious information. Cases like Enron or Maxwell must not be allowed to happen again.
What is clear is that this directive cannot of course prevent fraudulent descriptions of securities, but this directive and all the accompanying measures that we have already dealt with and are already available should help to make sure that in future we are dealing chiefly with serious products.
My main criticism of the report before us, Mr Huhne, is that you as rapporteur have addressed only, or chiefly, big investors. However, the market is flourishing in the private sector, for small investors, and there are various quite different additional issues when it comes to SMEs. For example, for SMEs we of course need an attractive capital market and cheap equity borrowing, and our prime objective must be more security and quality for investors buying securities. Furthermore, it is absolutely vital that the scope of the obligation to publish a prospectus in Europe should be extended so as to achieve greater market transparency, and that is not yet included in the first reading.
Unfortunately, for the time being we have only been able to agree on a market capitalisation of EUR 350 million. I hope that there will be some additional flexibility on this in the package. Otherwise, with such a high threshold SMEs will be largely if not almost totally excluded, thus severely limiting the scope of the directive.
Mr Huhne, my group wishes to continue to play a constructive part in developing this directive, and I mean that very seriously. However, that will require greater flexibility on your part. That is ultimately what will determine how we vote on this issue and I hope I can give it my approval."@en1
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