Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-10-Speech-3-128"
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"en.20101110.16.3-128"2
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"Mr President, the first thing I will do is ask you to excuse me, ladies and gentlemen, for joining you a few minutes late.
The third element is the key role for ESMA envisaged in this provision, which will make the supervision of managers more consistent and will enhance the functioning of European and third-country passports.
The fourth element is strong supplementary rules which will protect investors and the markets. In this regard, I would like to mention the limits on leverage, additional capital, professional insurance for managers and the rules on the role and responsibility of depositaries.
Ladies and gentlemen, the Commission shares your concern about the lack of rules concerning passive marketing. This lacuna could end up being a way of bypassing our rules, and that is why we have the same concern.
However, the Member States are almost unanimously opposed to any rules in this area, and we are ready, in a spirit of compromise, to accept the current report, on condition that this matter is reviewed, and eventually within the context of the directive, and we will ensure that this happens.
On behalf of the Commission, I would once again like to thank Parliament for its crucial cooperation and its contribution to this report, and I hope, like Mr Reynders, that we will be able to reach an agreement which is as broad as possible on this compromise, which, in our view, remains a dynamic compromise, and which enables us to maintain one of the commitments made at the G20: to learn the lessons of the financial crisis.
The Belgian Presidency is so dynamic that, at the same time that this important debate is taking place here, the debate on this directive on alternative investment fund managers, we are having a debate in the Competitiveness Council on another important subject, the European patent, and so I have only just left the Council to come back here – I do not yet know in what condition, but I will do what I can. I cannot split myself in two.
Mr Gauzès, whose convictions I know but whom I was not able to listen to, will certainly excuse me. I would like to thank and congratulate him, as well as all the coordinators and shadow rapporteurs, and of course, as Mr Reynders has just said, the Belgian Presidency and the whole team, for the very important and very tenacious work that has been accomplished over these last few weeks, and before it, by the other Presidencies.
We have now been debating this subject for almost 15 or 18 months, and, with Parliament’s vote, we are very close to putting this reasonable agreement into effect. Parliament is meeting today to debate it and will meet tomorrow to make a decision on it. This vote in plenary, ladies and gentlemen, will take place on the eve of the G20 summit in Seoul, and this represents a great opportunity to demonstrate our ability to act together, to implement common objectives and also to implement the decisions taken just after the crisis – and that crisis is not yet over with regard to its financial, economic, human and social consequences – decisions which were taken at the highest international level, at the G20.
Following the agreement on the supervision package, which we also owe to the commitment of Parliament and the tenacity of the Belgian Presidency, the agreement on this directive on alternative investment fund managers needs to demonstrate this ability to learn the lessons of the crisis, to establish intelligent regulations and effective supervision where they need to be established, such that all financial actors are subject to these regulations and this supervision, which are both robust and effective.
The Member States have agreed unanimously to this last proposal, as Mr Reynders has said. Ladies and gentlemen, I want to say what I think: this agreement would not have been possible without the contribution of Parliament, which has significantly improved the proposals that we are debating.
Thanks to the determination of Mr Gauzès and the shadow rapporteurs, today, the report contains many new elements relating to the report adopted initially in May by the ECOFIN Council, and these contributions from Parliament improve the quality of this proposal for a directive in a very real sense. I would like to mention, one by one, some elements that we believe to be positive and of a high quality.
The first element is the strengthening of the rules on private equity, which will increase the transparency of these activities in relation to employees of the companies targeted, and will introduce robust safeguards against asset stripping, as many of you wished, although I know that some of you think that this does not go far enough.
The second element is a truly European solution for third countries. This solution, based on the ‘same rights, same obligations’ approach, has always been supported by the Commission, and it will eventually guarantee that all managers active in Europe will be made to respect European rules."@en1
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