Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-11-Speech-4-151"

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"Mr President, when we looked at the initial proposal right at the beginning, 18 months ago, we saw what many would describe as a ‘wrinkly shirt’. This was clearly a proposal on which the industry had not been consulted – a proposal which would have shut markets, made it very difficult for European investors to invest in non-EU funds and led to a lower return for pension funds, affecting investment in developing countries. I was very concerned about those proposals. Fortunately, after the work between the shadow rapporteurs and excellent cooperation, as well as the good work by the Commissioner and the Belgian Presidency, we came to an acceptable solution that now works and which keeps markets open, increases transparency and ensures that European investors can continue to invest in markets outside the EU. We have to keep a watchful eye on the role of ESMA to make sure it does not block access to non-EU funds, but overall, we have come up with a compromise that is acceptable across the House."@en1
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