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Sharon Bowles MEP |
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Sharon Bowles MEP |
Sharon Bowles MEP, who chairs the European Parliament's Economic and Monetary Affairs Committee, has today welcomed the final plenary vote in favour of the European Markets and Infrastructure Regulation (EMIR) in the plenary session of the European Parliament.
After months of negotiations with the Council and the Commission, a first reading agreement on regulating the trading of over-the-counter (OTC) financial derivatives, partly blamed for the worsening of the financial crisis - as Lehman Brother's default has showed, will be signed off.
By meeting the G20's 2009 commitments, EMIR aims at introducing new rules and implementing measures to improve transparency and regulatory oversight of OTC derivatives in an internationally consistent and non-discriminatory way.
Speaking from Brussels today, Sharon Bowles MEP said:
"As a legislator for the European Markets and Infrastructure Regulation, I have been fighting for an open approach which I believe leads to better, more transparently regulated markets.
"The open access requirements which survived the course have already laid the groundwork for the Markets in Financial Instruments Directive.
The 'principle of fair reasonable and non-discriminatory terms' (FRAND) for granting licensing adopted in EMIR was also a key point for Ms Bowles:
"FRAND terms can be usefully applied in a wide range of financial services, which is why I will be continuing to push for its implementation to achieve openness and competition while respecting legitimate property rights.
"The open approach will provide consumers and investors with more choice and more efficient services.
"I welcome the fact that the open, competitive route was clearly acknowledged in the recent acquisition by the London Stock Exchange of a controlling interest in LCH Clearnet."
On exemptions Ms Bowles said:
"I will also work to ensure consistency on exemptions won in EMIR for pension funds and corporates are carried through in the Capital Requirements Regulation, currently being negotiated.
"In times of austerity pensioners can ill-afford any more reduced returns on their pensions, especially when asset managers are skimming off so much in extortionate, hidden fees."
ENDS
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