Former Prime Minister and Maltese MEP Alfred Sant urged for caution on proposals on financial services including insurance sectors which could be damaging for small and medium sized industries in Malta, during a debate within the Economic and Financial Committee of the European Parliament (ECON).
The committee was discussing disclosures that will need to be made publicly when investments are being launched in financial markets, about how such investments will contribute to future environmental sustainablility, by way among others of their contribution to renewable energy targets. The proposal has been made by the rapporteur for ECON to extend the rules about how such disclosures be made across the board to all participants in a launch.
The European Commission is proposing a harmonised EU framework which specifies how institutional investors, asset managers, insurance distributors and investment advisors have to integrate Environmental, Social and Governance (ESG) risks within their existing procedures, as part of their duty to act in the best interest of clients. They also need to publish their findings.
In his intervention, Sant urged that both the broadening of the proposal’s remit and the introduction of new rules on due diligence that were being proposed had better be subjected to a careful impact study with special reference to the operations of small and medium sized firms. Dr Sant said one-size-fits-all approaches are likely to simply increase the costs of running financial businesses without contributing anything to the cause of renewable and clean energy.
“Care should be taken to assess the impact, general and particular, of the proposed measures. A significant part of the EU’s financial services are intermediated by SMEs. Moreover, a number of member states, including my own, Malta, basically rely on them for the provision of most services that do not belong to the banks.” emphasised the Maltese MEP.
The Rapporteur MEP Paul Tang in his reply to Dr Sant agreed that more time is needed to make the proposed transition, whilst agreeing with Dr Sant’s arguments on small and medium sized industries.
A vote on these proposals in ECON is scheduled for 5 November.
You may view Alfred Sant’s intervention on this link:
Maltese Version – PROPOSTI DWAR SETTURI FINANZJARJI TA’ DANNU GĦAL MALTA
Alfred Sant appella għal kawtela dwar proposti għas-servizzi finanzjarji f’setturi bħal tal-assigurazzjoni u oħrajn simili li se joħolqu dannu għall-industriji żgħar u medji f’Malta waqt dibattitu fil-Kumitat Ekonomiku u Finanzjarju tal-Parlament Ewropew (ECON) fil-Parlament Ewropew. Il-Kumitat kien qed jiddiskuti x’informazzjoni għandha tiġi żvelata lil pubbliku meta jkunu se jitniedu investimenti fis-swieq finanzjarji u kemm l-investimenti se jkunu sostenibbli ambjentalment fil-futur – billi jikkontribwixxu fil-miri lejn l-enerġija rinovabbli. Il-proposta saret mir-rapporteur għal Econ Paul Tang u titratta r-regoli dwar x’informazzjoni għandha toħroġ fil-miftuħ għal parteċipanti kollha waqt tnedija.
Il-Kummissjoni Ewropea qed tipproponi qafas armonizzat Ewropew li jispeċifika kif investituri istituzzjonali, nies fit-tmexxija tal-assi, distributuri tal-assigurazzjoni u konsulenti tal-investiment iridu jintegraw ir-riskji ambjentali, soċjali u governattivi fi ħdan il-proċeduri eżistenti, bħala parti mid-dmir tagħhom li jaġixxu fl-aħjar interess tal-klijenti. Jeħtieġ ukoll li jippubblikaw dak li jsibu.
Fl-intervent tiegħu Sant ħeġġeġ għal studju bir-reqqa tal-impatt li jista’ jkollha din il-proposta li ddaħħal regoli ġodda u twessa’ l-mandat tagħhom. Dr Sant saħaq li l-istudju għandu jirreferi b’mod speċjali għat-tranżazzjonijiet tal-intrapriżi żgħar u medji. Huwa qal li metodi ta’ ‘one-size-fits-all’, li jlibbsu l-istess żarbun għal kulħadd, aktarx li jżidu l-ispejjeż ta’ negozju finanzjarju u ma jikkontribwixxu xejn lejn il-kawża ta’ enerġija nadifa u rinovabbli.
“Għandha tingħata attenzjoni biex jiġi evalwat l-impatt, ġenerali u partikolari, tal-miżuri li qed jiġu proposti. Parti sostanzjali tas-servizzi finanzjarji huma intermedjati mill-intrapriżi żgħar jew medji. Numru ta’ stati membri, inkluż Malta, bażikament iserrħu fuqhom għal provediment ta’ ħafna servizzi li ma humiex tal-banek.” qal Alfred Sant.
Ir-rapporteur MEP Paul Tang fit-tweġiba tiegħu għall-intervent ta’ Dr Sant qabel li jeħtieġ aktar żmien biex issir il-bidla proposta, u qabel mal-argumenti tal-MEP Malti dwar l-industrija tal-intrapriżi żgħar jew medji.
Vot fuq dawn il-proposti se jittieħed fl-ECON fil-5 ta’ Novembru.
Tista’ ssegwi l-intervent ta’ Alfred Sant fuq din il-link:
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