Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-431-500"
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"en.20110705.34.2-431-500"2
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"The new legislation should boost the harmonisation and integration of the single European market, increase consumer protection and ensure greater confidence among consumers and savers, while also reinforcing financial stability. It is, however, necessary to increase consumer protection through higher coverage. We need better consumer protection and more stringent common rules, especially in relation to financial systems at the domestic level. In the case of cross-border investments, investors should enjoy the same level of protection in all Member States. At the same time, if an investment company holds financial instruments on behalf of a consumer, the investor should be protected. It is also desirable to improve the single European market for financial services and to harmonise European investor compensation systems in the Union. This will increase investor protection, contributing to a level playing field. There is a need for more pronounced and better harmonisation of the legislation currently in force in the EU. The internal market in financial services must be strengthened, creating a stronger single European market. It is also appropriate to introduce firm, long-term financial principles for investor compensation schemes. Contributions to schemes should function as mutual insurance mechanisms. A risk-based approach should be applied consistently, and contributions should be calculated on the basis of the potential risk of payment that a company bears."@en1
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