Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-087-000"
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"en.20110704.21.1-087-000"2
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Mr President, Mrs Regner, I have not forgotten the promise that was made during the debate – which Mr Gauzès and all of you here remember – on the Directive on Alternative Investment Fund Managers.
That is what I am able to say, Mr President, by way of thanks to the rapporteur and to the speakers, and to clarify a number of points before you – we – spend the next few weeks, I hope, reaching a dynamic agreement on this point.
It is precisely for that reason that, as I said earlier in response to the work done by Mr Canfin – which many of you unanimously praised, and rightly so – the Commission honoured its commitment by preparing, in the space of four and a half months, the text that it presented almost a year ago – it will be a year to the day on 15 September – to the bodies in charge of making a decision: Parliament, which you represent and comprise, and the Council.
I should like to thank Mr Lehne, Mr Schmidt, Mr Händel and Mrs Flašíková Beňová for agreeing that we need to regulate credit default swaps (CDSs) and to increase transparency and financial stability. Mr Gauzès spoke about the citizens. The citizens are also taxpayers. As I have often said, they cannot afford a second crisis and, politically speaking, they will not accept another crisis without lessons being learnt from the current one, which has been going on now for more than three years and is still not over. We owe it to the citizens, particularly to those who live in countries that are being attacked on the markets, Mr Gauzès, and which are suffering under the effects of volatility, speculation and hyper-speculation, which Mr Stoyanov was not the only one to denounce here.
That is why the Commission has proposed rules, transparency and accountability, but needless to say it is willing to carry on and accomplish even more work with Parliament.
Mr Ferber, to whom I listened, as always, very carefully, raised the issue of liquidity. Let me say it again: I want to be cautious and realistic with you. Mr Schmidt also raised this point, as did Mrs Bǎsescu. We know what an important role liquidity plays in ensuring the smooth functioning of the debt market. That is why I expressed reservations about a straightforward ban. However, I am always willing to discuss progress of any kind, and any additional rules that could provide peace of mind, Mr Ferber.
Mr Goebbels was right in saying that short selling can be harmful. However, it can also be useful, which is why we did not hesitate to implement a framework and rules. I agree with you, Mr Goebbels, holding CDSs without being exposed to the underlying risks does present problems, and sensitive ones at that. Mr Kamall also mentioned the sensitive nature of this issue. This is one of the issues that we will have to address in the trialogue.
All in all, though, ladies and gentlemen, thanks to you and with you, we are going to create for the first time, if you and the Council so wish, a European framework on the CDS market, with a European authority which I hope will not be undermined, on this or any other issue, and I am keen for it to be able to use ESMA’s Article 9 – which Mr Giegold knows well – which gives it important powers.
A word about naked short selling, which concerns me just as much as it concerns you. Mr Klinz and Mrs Regner raised this point. In this text we are going to propose – and I hope we can see it through – two types of regulation, everyday regulation in the shape of the ‘locate rule’, which your rapporteur, Mr Canfin, mentioned, and then a coherent liability system with a buy-back obligation. We will therefore have binding everyday rules for everyone and then the ability to enforce a coordinated ban, which we all wanted, in the event of an emergency.
One final word, Mr Nitras, on the disclosure of information. We have made provision to disclose information on shares above a certain threshold. Moreover, if I am not mistaken, that is precisely what the regulators wanted and requested. In the case of sovereign debt, this disclosure will not be automatic, but it will be compulsory to provide information to those regulators who need it."@en1
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