Neena Gill (S&D). – Mr President, we have heard that 10 years ago a major US bank announced losses of USD 8.4 billion in a quarter due to subprime mortgages. The following months were the start of the subprime crisis due to the meltdown of securitisation products affecting European banks. The rest, we all know, is history.

But here we are today debating a new securitisation proposal that should ensure the impact of any future crisis is limited. So my congratulations to the rapporteurs, Paul Tang and Othmar Karas, for getting this complex regulation agreed. I do welcome the fact that it makes financial instruments safer and more transparent, and that there will be greater standardisation. This is a real step forward, and it ensures that an important source of capital can support SMEs in the European economy. It will also bring more substance to the CMU initiative. So there are three points that stand out for me: a new macroprudential framework to ensure efficient oversight of the securitisation market to detect new bubbles; the creation of a data repository to increase transparency for investors and making it mandatory for insurance to make the information public; and a more sustainable financial system.

Nonetheless, Commissioner, I believe there are issues that you still need to be addressing. How do you see the impact of this new regulation in the context of Brexit, given the high level of activity that takes place in the UK and how confident are you that history will not repeat itself, given the trends in the US towards deregulation?