9 Amendments of José Manuel GARCÍA-MARGALLO Y MARFIL related to 2008/2199(INI)
Amendment 1 #
Draft opinion
Paragraph -1 a (new)
Paragraph -1 a (new)
-1a. Notes that the transatlantic market is the largest and most integrated economic area in the world but is no longer the most dynamic, and therefore calls for the strategic partnership between the EU and the USA to be strengthened in order to improve competitiveness and remove obstacles to trade and investment, in line with agreements in the Framework for Advancing Transatlantic Economic Integration;
Amendment 2 #
Draft opinion
Paragraph 1
Paragraph 1
1. Notes that the financial crisis has demonstrated the close relationship between the US and EU financial markets, and advocates ongoing dialogue between the authorities and reviewalso that global macroeconomic imbalances bear some of the blame for the current financial crisis, for which reason holding monetary talks, before and after the annual EU-US Summits, between the European Commission, the competent authorities in the US and the committees on economic affairs ing the regulatory and supervisory frameworksUS Congress and the European Parliament would be advisable;
Amendment 4 #
Draft opinion
Paragraph 2
Paragraph 2
2. Supports removing barriers that hinder investment and transatlantic financial services, and is in favour of gradually integrating theAdvocates gradually integrating the markets through mutual recognition combined with a degree of convergence of the current regulatory frameworks and through the establishment of occasional exemptions whenever possible. The basic principles for a successful integration are free access two markets to allow them to compete with emerging market, regulations that conform to international standards, the uniform application thereof and ongoing dialogue with market stakeholders;
Amendment 7 #
Draft opinion
Paragraph 3
Paragraph 3
3. Points out that liberalising financial services without a parallel review of the regulatory framework and supervisory standards would make it harder for the competent authorities to exercise effective control due to the financial institutions and supervisory authorities acting in different spheres, and therefore advocates the adoption of regulations that guarantee competition, ensure increased transparency of products, financial institutions and markets and create common risk management models, in line with agreements at the G20 Summit in November 2008;
Amendment 10 #
Draft opinion
Paragraph 4
Paragraph 4
Amendment 14 #
Draft opinion
Paragraph 6
Paragraph 6
6. Supports the adoption of single accounting models to provide investors with information and facilitate the exercise of supervisory powers, and urges the US and EU authorities to regulate credit rating agenciePoints out that although investors would receive better information and supervision would be easier if accounting standards were converged, more is required and this crisis should not act as ian accordance with jointly held principles and methods; excuse for the US to delay full adoption in the medium term of the International Financial Reporting Standards (IFRS);
Amendment 15 #
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Urges the US and EU authorities to regulate credit rating agencies in accordance with jointly held principles and methods so as to restore confidence in ratings and place them on a sound footing; points out however that the EU needs to develop its own regulatory framework as the extra-territorial application of US Securities and Exchange Commission standards to American agencies operating in the European market would not be acceptable;
Amendment 17 #
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Agrees with the Commission that credit originator institutions should be obliged to retain a fraction of the credit issued in order to force them to accept their share of the risks transferred; calls for this issue to be raised in the transatlantic dialogue in order to preserve equal conditions at international level and limit systemic risks on the world financial markets;
Amendment 20 #
Draft opinion
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Acknowledges that the US supervisory authorities have made progress in implementing the Basel II agreements in regard to large banks, but criticises the discrepancies that remain to be corrected as they impose additional burdens on American subsidiaries of European banks, thereby reducing their competitiveness, and notes that there are still some points (financial holdings and small banks) that need to be cleared up as soon as possible.