to strengthen the security of savers investors and the financial system

The intervention of the host of Bercy is traditionally the highlight of the annual Paris Europlace forum. This year, it is through a video recording that Christine Lagarde addressed the participants of the event which brings together all the actors of the financial market. Travel in Iraq alongside François Fillon, Minister of the economy has not less to extensively develop during 40 minutes what it sees as priorities in the agenda of the European Commission financial. Declining the building open as a result of the financial crisis, Christine Lagarde said that "Europe must engage in legislative reforms ambitious ...". "to strengthen the security of savers, investors and the financial system."

The regulation of "hedge funds", "who collect a considerable savings", is a priority. Unhappy with the draft directive presented on 30 April (see below), the Minister emphasized that it the would not adopt in the State, is offusquant that the label of the Commission can be obtained by funds domiciled in non-cooperative financial centers.

Christine Lagarde wants that the European authorities regain the initiative on the front of the clearing of standardized derivatives. "I regret that Europe is accumulate delay on this issue", she launched, claiming again that derivatives of credit denominated in euro are offset by compensation Chambers located in the euro area and can have access to the liquidity of the European Central Bank (ECB). Better, the Minister expressed support for the establishment of clearing houses for derivatives, standardized products or is to be. She thus called the European Commission and the Basel Committee to engage in "a reflection that the use of clearing houses is accompanied by a"prudential bonus"in the form of a capital reduction.

Before the case Madoff who stressed the distortions in the protection of depositors in the Interior of the Union European, Christine Lagarde wants the directive on the liability of the depositaries, subject to consultation today, leads to the establishment of a genuine standard legal detention and transfer of securities to settle disputes arising in cross-border trade.

The Minister, the application of the directive on markets in financial instruments (MIF) is not nor satisfactory. According to her, the concentration of the flow of orders from a limited number of intermediaries and the multiplication of dense platforms - the "dark pool" - raises problems of competition and transparency. She wants that the balance sheet for the application of the MIF, expected next year, is an opportunity for the Commission to revise the text.

For a transverse direction

Christine Lagarde has also pleaded for the implementation of a subject which he particularly wishes to heart: the creation of a law scholar and European financial specific to SMEs and middle size companies (ETI). This "small business act", in his eyes, should facilitate the access of these enterprises to financing markets. "I want a cross-cutting European directive to reduce the obligations on SMEs and ETI listed", she argued.

This concern to SMEs will be relayed to the hexagonal plan with work of reflection, via a group of place, on ways of strengthening the independent financial analysis for these small values. The Minister also announced that it will soon introduce a Bill to create new forms of secured obligations, to accompany the financing initiatives taken by issuers and intermediaries to restart the bond market in Paris. Finally, Christine Lagarde wished that a reconciliation agreement between the authority of control insurance and mutual (ACAM) and the Banking Commission is found by the end of this month so that the Government can merge them before the end of the year.