FESE: Open Hearing on Investment Services Directive – speech by Paul Arlman

21 September 2001

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“It is not the ISD but competitive forces, technology, internationalisation that brought the Exchanges to where they are today. That point contains an important lesson for our position relating to the new ISD:

it needs to be readable and short,

it needs to be manageable and flexible, including self-regulatory arrangements and needs to be usable for many years,

it needs to be efficient and cost-conscious, for instance in terms of the Lisbon target, and

it needs to deliver a level playing field.
The new ISD should not create barriers against well-functioning markets today and it should help increase sophistication and the standards in some other markets. In a sense, some of my Members dislike this word, it needs to create upwards harmonisation. See full speech

See also Comments by Gregor Pozniak

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