Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-100-000"
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"en.20110704.22.1-100-000"2
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"Madam President, Commissioner, this review of the Directive on investor-compensation schemes follows on, unfortunately, from the crisis and also from the Madoff scandal, which hit some small investors in Europe hard.
It is taking place, as you said, at the same time as the review of the Directive on Deposit Guarantee Schemes and the implementation of an equivalent directive in the field of insurance. This is important to us; it is also what led us to ask for the ceiling to be raised to EUR 100 000. Indeed, the original ceiling in the banking sector was EUR 25 000, and it is now being raised to EUR 100 000. Why create a gap in the field of investment at the very time when we want Europeans to be able to diversify their savings in secure conditions, including by promoting investment that will help us to finance our long-term investment needs?
You said that ‘bad advice’ is an issue that falls under the Markets in Financial Instruments Directive (MiFID), but it was in fact the MiFID that inspired us to include it here, because we believe that, here too, we need to apply this useful concept that was included in the MiFID. Therefore, we are not contradicting you; we are asking you to draw on what is in the MiFID and to apply it to this text.
Regarding the situation of undertakings for collective investment in transferable securities (UCITS), as everyone has said, we do not want anyone who is currently in possession of UCITS to end up in a less favourable position than non-UCITS investors, when this savings product adds real value to the European financial market.
I should like to say a couple of things by way of conclusion, in order to draw your attention to the way in which this text might be applied to local authorities also – during the crisis we saw how severely they could be affected – and to ask you, as the European Parliament will do during its vote tomorrow, to examine the conditions in which an insurance system could be much more effective, efficient and, in a way, useful, when it comes to financing this
fund.
Commissioner, you said that the citizens would not comprehend any failure in this area. We are counting on the strong vote of this Parliament tomorrow and on your pressure to ensure that the Council resolves this situation, because it is obvious that it does not want to progress as quickly as we would like."@en1
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