Local view for "http://purl.org/linkedpolitics/eu/plenary/2017-04-04-Speech-2-619-000"
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"en.20170404.27.2-619-000"2
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"Mr President, the agreement on the Prospectus Regulation is a major step in the development of a genuine Capital Markets Union. I want to congratulate the rapporteur and all of the shadow rapporteurs for their work on this file and indeed their discussions with the Council and the Commission in the course of the last number of months.
Making it easier and cheaper for companies, especially SMEs, to raise capital within the markets and to go public ensures that European companies can grow and prosper in a sustainable way. We do have a real problem in Europe with our over-reliance on banking finance. As I have said repeatedly, 75% of lending in the EU comes from our banks and 25% from the capital markets. In the United States, it is the opposite.
This agreement signals a strengthening and deepening of our capital markets in Europe. For example, the new growth prospectus regime will boost the ability of small and growing companies to raise money across the whole single market, according to one common framework.
There are legacy issues from the previous Prospectus Directive. While it was working relatively well, it did not enable a truly strong functioning single market to exist. It created some legal uncertainty and imposed some burdensome requirements, leading to increased cost and the creation of inefficiencies. The existing regime allows Member States to transpose the directive in their own way, which led to 28 separate regimes, and I am glad the Commission decided to issue the new regime as a regulation. This created proper harmonisation because it was much needed.
I also want to welcome the different regimes that have been created for frequent users and for secondary issuances. This will ensure the entire industry benefits from a lighter prospectus regime. This is a good example of how the EU can actually help cut red tape where it is needed and a key component of the Capital Markets Union."@en1
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