Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-06-30-Speech-1-055"
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"en.20030630.9.1-055"2
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". Mr President, I wish to begin by saying that this directive is fundamental for the functioning of primary markets in Europe and for our aim to build an integrated capital market by 2005. For the Commission, the prospectus proposal has two aims: to facilitate fund-raising for European issuers and to ensure adequate levels of investor protection.
During the past two years this text has evolved significantly. There have been some important changes but the text maintains the necessary balance between facilitating for issuers and investor protection.
The Commission amended its proposal to take account of Parliament's position. After first reading, 50 out of 62 amendments were taken on board by the Commission in its amended proposal. The Council's common position is broadly in line with this amended proposal.
Today I should like to congratulate Parliament on its spirit of collaboration and its willingness to achieve convergence. We welcome the new amendments tabled by the rapporteur, together with the following Members of Parliament: Mrs Kauppi, Mr Ettl, Mr Goebbels and Mr Blokland. I am very optimistic that they will be accepted also by the Council.
I much appreciate Parliament's constructive spirit and I should like in particular to pay tribute to the rapporteur, Mr Huhne, for all his work to get approval for this compromise proposal. In particular I should like to thank him for his report and for the 21 new amendments he has tabled. We can accept them in their entirety, as we consider that they improve the text of the common position and contribute towards achieving the goals set by the proposal. In this context, we reject the first 47 amendments tabled, since those which could be accepted – even partially or in spirit – by the Commission are now covered by the 21 new amendments.
Regarding more particularly Amendment Nos 50 and 67, related to delegation of tasks from a competent authority to an exchange, I confirm that the Commission in the review to be conducted in accordance with Article 21 will also examine the conditions relating to the sunset period in the same article.
The Commission cannot accept Amendment Nos 69 to 71 since they provide for preferential treatment with respect to banks, and this is against the philosophy of the directive. Such treatment would create discrimination towards other institutions and distort competition. That is something the Commission objects to.
Finally, I should like to thank the Greek presidency for its most valuable efforts to reach agreement on this matter now. It is an important and highly significant achievement. We must now use our remaining energy reserves to resolve the investment services, transparency and, of course, take-overs directives by the April 2004 deadline."@en1
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