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Postupak : 2014/0017(COD)
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Odabrani dokument : A8-0120/2015

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A8-0120/2015

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PV 28/10/2015 - 18
CRE 28/10/2015 - 18

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P8_TA(2015)0387

Rasprave
Srijeda, 28. listopada 2015. - Strasbourg Revidirano izdanje

18. Transparentnost transakcija financiranja vrijednosnih papira (rasprava)
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  Przewodniczący. – Kolejnym punktem porządku dnia jest debata nad sprawozdaniem sporządzonym przez Renato Soru w imieniu Komisji Gospodarczej i Monetarnej w sprawie wniosku dotyczącego rozporządzenia Parlamentu Europejskiego i Rady w sprawie zgłaszania transakcji finansowania papierów wartościowych oraz przejrzystości tych transakcji (COM(2014)0040 - C7-0023/2014 - 2014/0017(COD)) - (A8-0120/2015).

 
  
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  Renato Soru, relatore. Signor Presidente, onorevoli colleghi, signor Vicepresidente della Commissione, siamo ormai giunti quasi alla fine del percorso legislativo che mi ha visto coinvolto nell'ultimo anno e mezzo, ma che era già iniziato nella passata legislatura e che spero domani con l'approvazione definitiva arriverà a termine: la legislazione, appunto, sulle operazione di finanziamento tramite titoli, securities financing transactions nella letteratura inglese. Sono piuttosto soddisfatto di questo percorso, non solo perché si tratta della prima relazione legislativa su cui ho avuto il piacere lavorare, qui al Parlamento europeo, ma anche perché credo che si sia trovato un buon compromesso tra i due obiettivi principali di questa norma, ovvero garantire un mercato efficiente e liquido per le operazioni di finanziamento tramite titoli, ma ancor di più garantire trasparenze e regole chiare al fine di prevenire i rischi sistemici del mercato finanziario.

La crisi scoppiata nel 2007 negli Stati Uniti, infatti, e poi rapidamente trasmessa in maniera virulenta in tutta Europa ha evidenziato in maniera inequivocabile non solo come il sistema bancario mondiale sia ormai fortemente interconnesso, ma anche come fossero tantissime le connessioni tra il sistema bancario tradizionale e il cosiddetto sistema bancario ombra, lo shadow banking, cioè quell'insieme di entità che pur svolgendo funzioni simili a quelle tradizionalmente svolte dalle banche, lo fanno al di fuori del sistema delle regole a cui gli istituti di credito sono invece soggetti.

Il Board della BCE si è espresso dicendo "troppo grande e troppo indebitato, questo sistema dello shadow banking". Infatti alcune delle operazioni svolte dal sistema bancario ombra possono risultare in un livello di eccessivo indebitamento, accrescendo quindi il rischio e la pericolosità dell'intero sistema. È stato stimato che lo shadow banking può aver rappresentato nel 2011 circa 51 000 miliardi di euro, ovvero quattro volte il PIL dell'intera Europa.

Le operazioni di finanziamento attraverso titoli sono uno dei principali punti di collegamento tra il sistema bancario ombra e quello tradizionale ed è per questo che il Financial Stability Board e il gruppo di esperti guidati da Liikanen, prima, e poi la Commissione europea hanno offerto una serie di raccomandazioni volte a garantire trasparenza e sicurezza, pur preservando la necessaria liquidità di questo mercato, che comunque è un mercato importante nel garantire la possibilità di finanziamento e la possibilità anche di impiego della liquidità.

Il regolamento che andremo ad approvare mira a migliorare tre aspetti importanti di questo mercato. In primo luogo, il regolamento proposto richiede che tutte le transazioni siano segnalate in un database centrale: ciò consentirà di conoscerne le dimensioni e il legame tra shadow banking e sistema finanziario tradizionale. In secondo luogo, è richiesta una maggiore trasparenza tra i fondi di investimento impegnati in questo mercato e gli investitori, e infine una migliore regolamentazione delle operazioni di riuso o di rehypothecation dei titoli.

Si è cercato di lavorare anche sulla semplificazione e sull'avvantaggiarsi di altre regolamentazioni che riguardano i mercati finanziari, come l'EMIR. E si è anche cercato di convenire sulla necessità di trasparenza, ma anche di sicurezza delle operazioni messe in essere dalla Banca centrale europea.

Insomma, io credo che un buon compromesso verrà presentato all'Aula per la votazione domani.

 
  
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  Valdis Dombrovskis, Vice-President of the Commission. Mr President, honourable Members, I am very pleased to have the chance today to discuss the Securities Financing Transactions Regulation (SFTR) and to congratulate Mr Soru and the shadow rapporteurs for the work they have done in taking this proposal forward.

This regulation is a central part of our response to the need to increase the safety and transparency of financial markets. It will help us to manage the risks in the shadow banking sector, in line with Financial Stability Board recommendations endorsed by G20. It sits alongside a number of measures we have already taken to regulate the shadow banking sector. For example, the European Market Infrastructure Regulation reduces risks in derivatives markets, and the Alternative Investment Fund Managers Directive ensures that investment funds are regulated.

As those of you who have followed this proposal know well, securities financing transactions are transactions in which securities are used as collateral to borrow cash, or vice versa. They are an important source of funding on Europe’s financial markets. They support investment and allow for better risk management. They are integral to European Central Bank monetary policy operations.

During the financial crisis, it became clear that we did not know enough about what was going on in these markets. Without reliable data, oversight was more difficult. The European Systemic Risk Board, the European Central Bank and the Financial Stability Board all argued that transparency in these markets would allow risks to be managed better and would enable better-informed investment decisions. This was also our analysis in the Commission. So I am delighted that we are on the verge of reaching a final agreement on legislation that will improve transparency. I am grateful to Parliament for its hard work on this issue, and I believe that the political agreement you have reached with the Council strikes the right balance.

It will enhance transparency in three main ways. Firstly, it will introduce the reporting of securities financing transactions to centralised databases known as trade repositories. This will allow supervisors to identify risks better and, if necessary, to take targeted action.

Secondly, funds will have to become more transparent for investors both in their regular reports and in pre-investment documents. This will give investors the information they need to make sound investment decisions.

Thirdly, the regulation will improve transparency around the re-use of securities as collateral. This should help reduce domino effects when a default on one transaction can cause other defaults if the same collateral has been used more than once.

The legislation builds on the experience of establishing the European Market Infrastructure Regulation. A detailed implementation table will give European markets time to adjust. The proposed reporting system will reduce the burden on small and medium-sized enterprises, and it limits reporting of existing transactions to those strictly necessary for regulatory and supervisory purposes. The proposal enlarges the list of supervisors who can access data in trade repositories, and the European Market Infrastructure Regulation has been modified to ensure consistency.

The European Securities and Markets Authority (ESMA) will prepare draft regulatory technical standards setting out the requirements for reporting. We will work with ESMA to ensure consistent application of the rules across the European Union.

The Commission is committed to legislating in a proportionate manner in a way that strikes the right balance between managing risk and encouraging growth. Transparency is an important part of this agenda. By making the right information available we can help investors make sound decisions; we can encourage responsible behaviour; we can avoid unnecessary burdens; and we can take targeted action, if and when it is needed, on the basis of evidence.

The Securities Financing Transactions Regulation will be an important step in this direction. I look forward to this debate and to the plenary vote on Thursday.

 
  
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  Danuta Maria Hübner, on behalf of the PPE Group. Mr President, this new regulation will certainly bring an additional dose of transparency to the ways in which the financial sector functions. We will have a better view of what is going on in the shadow banking system – who transacts with whom, when, with what type of assets and under what conditions. This will certainly help market participants. I also trust that transparency might prevent activities migrating from the banking system to the less regulated non-bank system.

In this respect I find it particularly important that information on the securities financing transactions entered into by funds – and I am thinking here of undertakings for collective investment in transferable securities (UCITS) and structured financial instruments (SFIs) – is disclosed to investors. The good news is also that the three institutions agreed to use the opportunity of this regulation to make two amendments to the European Market Infrastructure Regulation (EMIR). One will give the resolution authorities established after the entry into force of EMIR the right to access information retained in trade repositories. We all know the importance for resolution authorities of having good quality supervisory data. We have also made a technical change which is expected to make it easier for the Commission to declare the supervisory arrangements of a third country as equivalent under EMIR.

I am personally happy that we agreed on the exemption of SMEs from the reporting requirements: when they transact with a fund, a bank or an investment firm, it is the counterparty that will deal with reporting on behalf of both parties.

 
  
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  Jonás Fernández, en nombre del Grupo S&D. Señor Presidente, en primer lugar, querría agradecer al ponente, Renato Soru, el trabajo durante estos meses para llegar aquí, al Pleno, y votar mañana este Reglamento, que yo creo que es un paso muy importante para acabar con la opacidad y los acuerdos fuera de los mercados regulados.

Es importante el esfuerzo que ha hecho nuestro Grupo para incorporar nuevas operaciones al sistema de supervisión de análisis. También es importante la mejora en la información que los operadores en el mercado van a tener que ofrecer y, por tanto, yo creo que nuestro grupo, el Grupo socialista, ha conseguido importantes avances en el texto respecto de la Comisión.

Solo quería añadir una nota final y es que, dentro de ese gran ambicioso proyecto de Unión de los Mercados de Capitales, necesitamos que esta unión no suponga dar nuevas vías de financiación al shadow banking, a operaciones fuera de control, y es importante que esta filosofía para tener un mercado organizado, transparente, monitorizado por parte de las instituciones de supervisión sea la base con la cual construyamos la Unión de los Mercados de Capitales.

 
  
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  Stanisław Ożóg, w imieniu grupy ECR. Głównym celem prac nad sprawozdaniem było zwiększenie stabilności finansowej w Unii Europejskiej. Ten cel można osiągnąć poprzez zwiększenie przejrzystości takich rodzajów działalności rynkowej jak transakcje finansowania papierów wartościowych, lombardowanie oraz inne struktury finansowania o skutkach gospodarczych równoważnych skutkom transakcji finansowania papierów wartościowych. Grupa ECR we współpracy z PPE oraz ALDE zgłosiła poprawki, dzięki którym – wydaje nam się – udało się złagodzić wydźwięk wielu kontrowersyjnych kwestii przedstawionych w pierwotnym projekcie tego sprawozdania: między innymi zmniejszyć wymogi w zakresie podawania informacji spółek giełdowych do wiadomości publicznej do minimum, udało się też wprowadzić stopniowanie przy obowiązku zgłaszania transakcji, a także usunąć przepis dotyczący redukcji wartości zabezpieczeń. Osobiście jednak z dużą ostrożnością odnoszę się do niektórych mechanizmów osiągania założonego celu.

 
  
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  Philippe De Backer, on behalf of the ALDE Group. Mr President, this debate tonight may not be the fiercest that we will see here in this Parliament today, but I think that with this file we are creating more financial stability in a very important market for our European economy.

Securities financing transactions (SFTs) play an important role in financial markets and the financing of our economy. I would like to congratulate the negotiating team for its very balanced approach. By a balanced approach I mean that the result has considered all SFT stakeholders, whilst achieving financial stability. At the end of the day, we wanted to ensure that the reporting is actually being used and is useful for its intended purpose.

The proposed regulation delivers binding transparency and reporting requirements in three key areas. First, all securities financing transactions have to be reported to trade repositories, and here the burden for non-financial parties, such as SMEs, was reduced by allowing their financial counterparties to do the reporting for them. Second, we have ensured transparency towards investors. Funds have to inform investors of their SFT activities in the prospectus, and this will enable them to assess the risk as part of their investment decisions. Third, the report addresses transparency around re-use of assets. Parties have a responsibility to communicate the risks and consequences in the event of a default. Assets can only be reused within certain parameters and with prior consent, except for Title Transfer Collateral Arrangements (TTCAs) where the legal title has already been transferred.

Another important point is that we came up with a realistic implementation timeframe. We wanted to avoid the mistakes that we have seen with the implementation of EMIR and we rectified some of the shortcomings. All parties should now have sufficient time to implement the necessary requirements.

To conclude, I believe that we have come up with a very balanced approach. We have created transparency in a difficult and technical market, both towards supervisors and investors with a minimal burden for all the stakeholders. Therefore, I hope that Members can join me in voting in favour tomorrow.

 
  
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  Bernard Monot, au nom du groupe ENF. Monsieur le Président, Monsieur le Vice-Président, chers collègues, la finance parallèle ou shadow banking, en permanence sous perfusion des banques centrales, est un danger pour la stabilité de l'économie mondiale. Le gonflement artificiel de produits dérivés toxiques, comme les swaps de type CDS, ne fait qu'empirer la situation économique. En dehors de toute réglementation et de toute supervision des autorités bancaires, des trilliards de dollars ou d'euros d'actifs hors bilan circulent dans la plus grande opacité.

La proposition de règlement relative aux opérations de financement sur titres oblige les acteurs à jouer le jeu de la transparence pour ce qui est des opérations et des sociétés cotées. Mais elle manque d'ambition et pourrait être plus contraignante, notamment en ce qui concerne l'interdiction de réutiliser les sûretés, qui est un facteur majeur de diffusion du risque, et par la prise en compte des opérations des institutions publiques.

Surtout, la seule réforme efficace est la séparation réelle entre les banques de dépôt et les banques d'affaires – mais la fin du modèle de banque universelle, utilisant les dépôts pour spéculer, n'aura pas lieu tant qu'il y aura des politiciens irresponsables soumis au lobby bancaire –, le but étant de ne plus mettre à contribution financière ni les citoyens ni les clients pour renflouer les banques privées insolvables.

 
  
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  Romana Tomc (PPE). Globalna kriza nam je poleg vsega ostalega pokazala tudi pomanjkljivost in ranljivost naših finančnih sistemov. Predvsem je pokazala vrzeli, zaradi katerih lahko pride do velikih goljufij in s tem posledično tudi do velikih stroškov.

Vsi se zavedamo, da špekulacije pri finančnih inštitucijah lahko prinesejo ogromne dobičke. To je področje, za katero je značilno, da omogoča hitre zaslužke. A tako kot hitri zaslužki pridejo tudi hitre in boleče izgube. In to moramo preprečiti. Izogniti se moramo, da bi davkoplačevalci plačevali te špekulacije.

Strinjam se, da je treba več preglednosti nad finančnim sistemom, ne samo v bankah, ampak tudi pri drugih finančnih inštitucijah.

Rada bi opozorila še na nekaj, kar me zelo skrbi. V Sloveniji smo imeli velike težave z bančnim sistemom. Davkoplačevalce je to zelo veliko stalo, vendar do danes ne vemo, kdo je za to odgovoren.

Ko je moja stranka v Sloveniji večkrat zahtevala odgovore na to, kaj se je dogajalo v bančnem sistemu, smo naleteli vedno na enake odgovore: to je bančna tajnost.

Spoštujem načelo bančne tajnosti, ko je uporabljeno v pravih primerih. Ne morem pa dopustiti in sprejeti, da se to načelo izkorišča.

Očitno na ravni EU je to urejeno drugače. Želim si, da bi bila takšna urejenost povsod.

 
  
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  Neena Gill (S&D). Mr President, I would like to congratulate my good colleague Renato Soru, the rapporteur, for an excellent report. He is responsible for ensuring that securities financing transactions will be more transparent in the future. The underlying reason for the securities financing transactions report is to make our banking system safer, increase transparency and improve supervision.

These instruments play a significant role in the financial sector in that they ensure liquidity in the secondary debt market, contribute to an efficient settlement and allow for better employment of capital. This agreement not only strengthens the reporting obligation, it also improves the collection of data on the transactions, enabling better monitoring of risk concentrations and identifying counterparty exposures.

I welcome this report on shedding light on the shadow banking sector, because in my opinion you cannot just regulate the banking sector alone and allow other means through which highly risky activities continue within our financial services sector, which is critical for the success of the capital markets union.

 
  
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  Barbara Kappel (ENF). Herr Präsident, Herr Kommissar! Spätestens seit Ausbruch der Finanzkrise ist klar, dass Transparenz und Kontrolle nicht nur im traditionellen Bankensektor verbessert werden müssen, sondern auch bei den Schattenbanken. Schattenbanken wickeln heute ein Viertel der Finanzaktiva im globalen Finanzsystem ab und damit auch einen Großteil der Wertpapierfinanzierungsgeschäfte.

Mehr Transparenz und eine Meldepflicht von Wertpapierfinanzierungsgeschäften – so wie dies im vorliegenden Bericht vorgesehen ist, helfen Systemrisiken abzubauen, helfen, im Falle eines Versagens von Schattenbanken die Ansteckungsgefahr des regulierten Bankensektors zu reduzieren, helfen durch die Einrichtung eines zentralen Melderegisters für Wertpapierfinanzierungsgeschäfte, die Transparenz für Anleger und Aufsichts- und Regulierungsbehörden zu erhöhen, helfen, weil Kreditinstitute und börsennotierte Unternehmen Wertpapierfinanzierungsgeschäfte in den Geschäftsberichten veröffentlichen werden.

Der Berichterstatter hat großes Augenmerk darauf gelegt, dass die operativen Kosten, die durch diese neuen Melde- und Transparenzverpflichtungen entstehen, möglichst gering gehalten werden. Ebenso wird für die neuen Vorschriften und Standards auf bereits bestehende Infrastrukturen und Verfahren im Bereich der außerbörslich gehandelten Derivate zurückgegriffen. Das ist better regulation, und dafür ist dem Berichterstatter besonders zu danken.

 
  
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  Thomas Mann (PPE). Herr Präsident, Herr Vizepräsident! Auf dem Weg zur Bankenunion hat die EU erkennbare Fortschritte erzielt. Aufsicht und Regulierung müssen aber neben dem traditionellen auch im Nicht-Bankensektor verbessert werden. Bringen wir Licht in das Schattenbankensystem. Etliche Maßnahmen sind nötig, damit die zuständigen Behörden, wie die ESMA in Paris, die EBA in London oder die EZB in Frankfurt am Main mögliche Risiken effektiv bewerten. Auf dieser Grundlage werden Anleger ein besseres Verständnis erhalten.

Wertpapierfinanzierungsgeschäfte können die Stabilität des Finanzsystems insgesamt beeinträchtigen, beispielsweise durch das Anwachsen von unerwünschten Hebelungseffekten. Meine Kollegin Danuta Hübner von der EVP-Fraktion hat Recht, wenn sie darauf hinweist, dass die in den vergangenen Jahren beschlossene verstärkte Regulierung nicht dazu führen darf, dass bankenähnliche Tätigkeiten zu den Schattenbanken ausgelagert werden.

Neue Rechenschaftspflichten müssen eingeführt werden, ebenso sind klar definierte Sanktionsmaßnahmen zu schaffen. Ich begrüße die Einigung nach den guten Trilog-Verhandlungen, um eine Verordnung um mit Substanz zu erreichen. Und die Kommission, Herr Vizepräsident Dombrovskis, hat das Ergebnis bezeichnet als wesentlichen Fortschritt, um Transparenz zu erreichen. Dem stimme ich voll zu.

Für die Wirtschaft spielen Wertpapierfinanzierungsgeschäfte eine bedeutsame Rolle. Umso dringlicher ist es, die damit verbunden Gefahren einzudämmen und gleichzeitig die Mehrbelastung für die kleinen und mittelständischen Unternehmen so gering wie möglich zu halten.

 
  
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  Alfred Sant (S&D). Mr President, we obviously need banks and financial institutions that operate according to transparent rules that take full account of prudential concerns. However, we are also experiencing deflation. Europe faces a huge investment gap. Transparency and prudence should not lead to an increase of viscosity in European financial systems. A fine balance needs to be maintained between potentially divergent concerns.

The introduction of new systems of surveillance, as with this report covering security financial transaction markets, may be necessary. Yet we need to ensure that it is consonant with the economic needs of the times. Most measures contemplated here go back to the banks. They are still expected to be behind the big investment leap forward that Europe needs to take. Such a leap could falter if the EU seems to be sending mixed messages: on the one hand telling banks and the financial institutions to be proactive in their approach to proposals for economic expansion, and on the other hand also telling them that they must follow new prudential ways of doing business. We would like to have greater assurance that what we are doing here – necessary as it is – will not serve to further encourage risk aversion among our financial institutions.

 
  
 

Pytania z sali

 
  
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  Stanislav Polčák (PPE). Pane předsedající, já si myslím, že jsme se zde všichni shodli na tom, že potřebujeme trochu více světla do té oblasti stínového bankovnictví, toho šedého prostoru, kde se dneska banky bohužel nacházejí. Co zde padlo od kolegy z pravé části spektra, oddělení spekulativní části bankovnictví od těch klasických bankovních domů, to si myslím, že již není cesta. Je nepochybné, že skutečně potřebujeme více transparentnosti do činnosti bank, na tom jsme se myslím opravdu všichni shodli. A měli bychom potlačit skutečně ty nežádoucí, velmi rizikové spekulace, které jsou těmi pákovými efekty provázené. Tam potom skutečně je to riziko, že se systém zhroutí jako domeček z karet, nepochybně daleko větší. A v neposlední řadě bych chtěl pochválit ten návrh, který pamatuje na oddělení administrativní povinnosti u malých a středních podniků. To je myslím přesně ta cesta, kterou potřebujeme jít.

 
  
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  Tibor Szanyi (S&D). Valóban az egyik legnagyobb veszedelemmel állunk szemben, amire már tulajdonképpen a korábbi Európai Bizottság is ráébredt, és gyakorlatilag három éve folytatja azt a feltáró munkát, ami ennek az egész árnyékbanki rendszernek a feltérképezésére vonatkozik. És valóban ez a jelentés ma már egy nagyon fontos mérföldkő, hiszen úgy tűnik, hogy most már sokkal-sokkal többet tudunk erről az egészről, mint mondjuk korábban, noha az árnyékbankrendszer felszívó képessége sokkal gyorsabban nő, mint ahogyan az európai intézményrendszer erre reagálni tudott. Én csak biztatni szeretném az Európai Bizottságot, hogy nagyon gyorsan haladjon ezen az úton, amit most egyébként elénk tárt. Ezt támogatni fogjuk. Én már csak azért is, mert valóban nagyon félő, hogy azok a mai gazdasági kihívások, amelyek Európát érik, esetleg még gyorsabbá tudják tenni a szabályozatlan területeknek a megnövekedését. Úgyhogy javaslom biztos úrnak, és kérem is, hogy nagyon rapid módon folytassák ezt a munkát.

 
  
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  Νότης Μαριάς ( ECR). Κύριε Πρόεδρε, η τραπεζική κρίση του 2008 και η φούσκα των στεγαστικών δανείων και των subprimes έφεραν στην επιφάνεια την ανάγκη για διαφάνεια στις συναλλαγές χρηματοδότησης τίτλων, προκειμένου να υπάρξει ισορροπία στο χρηματοπιστωτικό σύστημα και να αποφευχθούν στο μέλλον νέες κρίσεις. Kαι διαφάνεια σημαίνει αναλυτικές αναφορές σχετικά με τις εξασφαλίσεις που υπάρχουν για τους διάφορους τίτλους· διαφάνεια σημαίνει υποχρέωση των πιστωτικών ιδρυμάτων να γνωστοποιούν στους αγοραστές τίτλων όλους τους πιθανούς κινδύνους· διαφάνεια σημαίνει έλεγχος στο λεγόμενο σκιώδες τραπεζικό σύστημα, που αναπτύσσεται με ιλιγγιώδη ταχύτητα και δημιουργεί υπερβολική μόχλευση κεφαλαίων· διαφάνεια σημαίνει να γνωρίζει η ίδια η κοινωνία που κατευθύνονται τα κεφάλαια. Κατευθύνονται στη χρηματοδότηση της παραγωγικής οικονομίας ή στην κερδοσκοπία; Διότι για να έχουμε ανάπτυξη και απασχόληση πρέπει να μπει τέλος στην οικονομία καζίνο.

 
  
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  Marco Valli (EFDD). Signor Presidente, onorevoli colleghi, il sistema bancario ombra dalla grande crisi del 2009 è il sistema nel quale si è concentrato in gran parte il rischio sistemico. Per questo sarebbe servito un approccio molto più radicale e non di compromesso, perché purtroppo la trasparenza non è sufficiente. Bisognava limitare ulteriormente l'utilizzo della leva e il riutilizzo dei collaterali per garantire più operazioni finanziarie.

Dalla crisi del 2009 si era intrapresa una giusta direzione, da parte della Commissione verso, una vera regolamentazione della finanza. Purtroppo gli ultimi due provvedimenti, ovvero la Banking Structural Reform e il provvedimento che stiamo trattando adesso, sono stati accantonati ed è mancata la volontà politica di fare una vera regolamentazione, perché si preferisce procedere verso una Capital Market Union e una deregolamentazione con l'utilizzo ancora di prodotti sistemici, come le cartolarizzazioni finanziarie, non memori di quelle che sono state le lezioni subite nel 2009.

Noi non dobbiamo piegarci ai mercati finanziari che ci impongono delle condizioni, perché la politica deve saper regolamentare la finanza.

 
  
 

(Koniec pytań sali)

 
  
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  Valdis Dombrovskis, Vice-President of the Commission. Mr President, we are delighted that so many Members are able to support this legislation, which will increase transparency in the financial markets.

Looking ahead, the Commission is keen for the reporting rules to be finalised as rapidly as possible. This will enable us to get the system properly up and running. Once the data has been collected, we can get started with our analysis, hone in on potential risks and make sure that these are effectively managed.

This legislation provides for a report to be drawn up by the European Securities and Markets Authority (ESMA) by the end of 2016 that will assess the Financial Stability Board (FSB) recommendations on minimum haircuts. The Commission will publish its report a year later, setting out progress in international efforts to mitigate the risks associated with securities financing transactions. This will include a view of the appropriateness of the FSB recommendations for EU markets.

But today I would urge Members to support this legislation to increase transparency so that we can have an oversight that is proportionate, help investors make informed investments and make our markets safer.

 
  
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  Renato Soru, relatore. Signor Presidente, onorevoli colleghi, sono veramente apprezzabili i commenti che ho sentito in Aula, stasera, circa la sostanziale condivisione da parte di tutti del provvedimento che domani voteremo. Ho colto anche le preoccupazioni di alcuni colleghi, e in particolar modo del collega Valli, che ha parlato per ultimo, che forse è stato un pochino troppo severo circa il fatto che abbiamo mancato l'occasione di porre un limite al livello di leva utilizzabile, provvedendo anche a porre un limite alla quantità di volte che gli strumenti possono essere reimpiegati e riutilizzati. In realtà se ne sta occupando il Financial Stability Board e rimaniamo in attesa di quanto, a seguito di questa analisi, potrà emergere, perché è troppo rischioso "over" regolamentare, soprattutto sbagliare la regolamentazione di un mercato che è anche prezioso nel garantire liquidità ai mercati finanziari.

Insomma, credo che possiamo ritenerci soddisfatti dell'attuale testo, sul quale c'è stata un'ampia convergenza del Parlamento, e volevo quindi ringraziare innanzitutto i miei colleghi, i relatori ombra, per il loro contributo veramente costruttivo, e il loro staff. Ringrazio anche la Commissione europea, in particolare la DG FISMA, e infine il Consiglio, la Presidenza italiana e quella lettone, con la quale questo importante risultato è stato portato a casa.

 
  
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  Przewodniczący. – Zamykam debatę.

Oświadczenia pisemne (art. 162)

 
  
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  Alessia Maria Mosca (S&D), per iscritto. La recente crisi finanziaria ha evidenziato la presenza di un eccesso di attività speculative, nonché l'esistenza di gravi lacune normative nel sistema finanziario. L'UE ha adottato una serie di misure per accrescere la solidità e la stabilità del sistema bancario, ivi compreso il rafforzamento dei requisiti patrimoniali, norme per migliorare la governance, la vigilanza, regimi di risoluzione delle crisi. Occorre, però, migliorare la trasparenza e il controllo non solo nel settore bancario tradizionale, ma anche in settori in cui soggetti non bancari svolgono attività creditizie, il cosiddetto "sistema bancario ombra", le cui dimensioni sono allarmanti. Non possiamo, quindi, ignorare i rischi posti dalle operazioni di finanziamento tramite titoli. In particolare, la mancanza di trasparenza ha impedito alle autorità di regolamentazione e di vigilanza, come pure agli investitori, di valutare e monitorare correttamente i rischi analoghi ai rischi bancari e il livello di interconnessione nel sistema finanziario nel periodo precedente la crisi finanziaria o durante la crisi stessa. Questo regolamento risponde alla necessità di accrescere tale trasparenza attraverso norme più rigorose in materia di informativa per le controparti sul riutilizzo. Per assicurare la loro osservanza, dovrebbero essere previste sanzioni e misure amministrative effettive e dissuasive, conformemente al principio di proporzionalità.

 
  
  

(Posiedzenie zostało na chwilę zawieszone.)

 
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