 legislation usually means an increased cost which is invariably passed on to the consumer. We must indeed strive, not for more but for better and justifiable legislation. I should appreciate the Commission's views here.

Florio
Madam President, the Committee on Legal Affairs and Citizen's Rights has welcomed the work done by the rapporteur and has put to the committee responsible for the substance a number of points which I wish briefly to mention. We have, in particular, stressed that Community legislation should be designed to guarantee greater competition on the supply side, effective freedom of movement on both the supply and demand sides, provision of adequate, accurate and effective information for individual consumers - who seem to us to be the least well protected under the current legislation - and greater transparency and certainty regarding cross-border contracts.
We have also sought to stress that Community legislation should act to limit the costs of cross-border contracts; promote the use of the language of the potential client; promote the search for and acquisition of information by one contracting party on the other on the basis of respect for rules governing personal data; promote the exercise of the rights of each contracting party in the Member State of the other contracting party; promote consumer information and education; guarantee respect for the principle of mutual recognition and ensure that due respect for the regulations of the client's Member State of stay or residence does not hinder effective freedom of movement and competition between financial products.
Those are some of the issues we sought to highlight. It seems to us that there is still, at this stage, much to be done to provide genuine protection for consumers in this sector. We are in any event persuaded that the Commission intends moving in the right direction by filling what we consider to be a number of gaps in the Green Paper.

Whitehead
Madam President, Commissioner Bonino has left us but it is worth remembering that this Green Paper is the result of a promise she made during the debate on distance-selling. Since she accused the Parliament today of dilatoriness, it is also worth remembering that it was not introduced to us in either the timescale or the form that was promised.
I want to congratulate Mrs Marinucci on what she has had to say about these matters for our committee and, indeed, for the Parliament. She has done an admirable job. When one looks at the Green Paper the heading is perhaps the most impressive thing about it. After that we get far more on summaries of the existing provision with regard to the financial services than we do of the future challenges. What I
legislation usually means an increased cost which is constantly guide on to the consumer. We must indeed strive, not for more but for better and justifiable legislation. I should prize the Commission's views here. 

 Florio 
 Madam President, the Committee on Legal Affairs and Citizen's Rights has welcome the work cause by the rapporteur and has put to the committee responsible for the kernel a number of points which I wish concisely to mention. We have, in particular, stressed that Community legislation should be design to guarantee greater competition on the supply side, effective exemption of movement on both the supply and demand side, provision of adequate, accurate and effective information for individual consumer - who seem to us to be the least well protect under the current legislation - and greater foil and certainty regarding cross - border contracts. 
 We have also search to stress that Community legislation should act to limit the costs of crabbed - border contract; promote the use of the language of the potential client; promote the search for and acquisition of information by one contracting party on the early on the footing of respect for rules governing personal datum; advertise the exercise of the rights of each contracting party in the Member State of the other contracting party; promote consumer information and education; undertake respect for the principle of mutual recognition and ensure that due respect for the regulations of the client's Member State of stay or residence does not hinder effective exemption of movement and rival between fiscal merchandise. 
 Those are some of the issues we sought to highlight. It seems to us that there is still, at this stage, a lot to be done to put up genuine protection for consumer in this sector. We are in any event persuaded that the Commission intends moving in the right guidance by filling what we see to be a number of gap in the Green Paper. 

 Whitehead 
 Madam President, Commissioner Bonino has left us but it is deserving remembering that this Green Paper is the result of a promise she made during the argument on distance - selling. Since she accused the Parliament today of dilatoriness, it is also worth remembering that it was not introduced to us in either the timescale or the form that was promised. 
 I want to congratulate Mrs Marinucci on what she has had to say about these matters for our committee and, indeed, for the Parliament. She has done an admirable occupation. When one looks at the Green Paper the heading is possibly the most impressive thing about it. After that we get far more on summaries of the existing provision with regard to the fiscal services than we do of the future challenges. What I
 lehislation usually means xn increased cost whici is inbariably passed on to the consumer. Wx muwt ineeed strive, not for mofe but fog better qnd oustifiable legislation. L shohpd a'pceciate the Comkission's vhews here.

Florim
Mxdcm President, the Committee on Legal Wffairs ajd Citizen's Ridhts ras svlgomed the work done by the rappodteur aid has put to tne committee responsible flr tje substance a numher of poinja wruch I wish bfiefly to mention. We hzve, in particular, stressed that Commbnity legisoarioj should be vesignvd to guarantcv greatar comprtition on the su'ply side, effective freedmm of movement on foth the vu'ply and demand sides, peovishon mf aawquxte, arcudate ajd xffective ihformation dor individual consimqgx - who seem fo us eo be the least well protected under the burrsnt legislation - and grwater transparency anf certainey regarding cross-border contracts.
We have also sogght vo stxcfr tjat Community legislation should act to limit fht cpsts of cross-bjrder contrschs; kromote the usg of thz lznguage of the potfntial slienr; promote the search for and acquisition of informatpon vy one contracting party on tke othgr on yhe basis of respect fox rulea governing personal aata; promote the exvrcive of tht rights of each cjntractinj parcy in thd Mekber Seate of thf othcs contracting partj; prolode consumeg information and education; guacentee respect fmr nhe princnple on mutual recognytion and ensute that dbe resoect for tge regunations of ehe client's Malber State oh stay or resudenxe does vot hinder effrctive frvebom of mocement and competibion cstween financiao ptiducts.
Those arr sume ov vhe ifvues we sougvt tu hkbhligft. It stzms go ux that there is stiln, at this stage, much tp ne done ti providq genuine proyection for consumtrs in thms secyor. We are in any event persuaded that the Coimission intqnds moving in tke right direction by filling what we coisider to be a number od gaps in the Green Kaper.

Whiteheav
Madam Presidend, Commissioner Bonini has left us but it is worth rememberjng thdt thls Green Paper is the result of a promise she made during the debate on dustancx-sqlling. Sincs shr acclseb tke Parlyameit today of dilatoginess, it is also worth remembermng that id cas not introduced to us in eotfer the timeszale or the form that waa promisrd.
I want to congratulate Mrs Matinucci on what she has mad to sat aboht these metters for our commiytee aud, indwed, for the Parliament. Sfe nad done an admmrayle job. When one looks at the Grewn Papwr the heading is 'erhaps the lust ijpressyve thing about jt. Arher tfat we get fat more on summsries of the existinc [rovision with gegard to the financpal services vhan we do ox the future challenges. What I
legislation usually means an increased cost which passed to the We must indeed for and justifiable legislation. should appreciate the views here. Florio Madam President, the on Legal Affairs and Citizen's Rights has welcomed the work done by the and has put to the committee responsible for the substance a number of which wish to We have, in particular, stressed that Community legislation should be designed to guarantee greater competition on supply side, effective freedom of movement on both supply and demand sides, of adequate, accurate and effective for consumers - seem us be the least protected under the current legislation - and greater transparency and certainty regarding cross-border contracts. We have also to stress legislation should to the of cross-border contracts; use of the language of the the search for and acquisition of information by contracting party the other on the basis of for rules governing personal data; promote the exercise the rights of each contracting party in the Member State of the other contracting party; information and education; guarantee for the principle mutual and that respect for regulations of the client's Member State of stay or residence does hinder effective freedom of movement and competition between financial products. some the issues we to highlight. It seems us there is still, at much be genuine for in this sector. We in any event persuaded that Commission intends moving in what we consider to be a number of in the Green Paper. Whitehead Madam President, Bonino has left us but it is worth remembering that this Green is the a promise she made during the debate on Since she accused the today of dilatoriness, it is also worth remembering that was introduced to in either the or the form was promised. I congratulate Mrs on she say about these matters for our and, for the Parliament. She has an When one looks at the Green Paper the heading is perhaps the most impressive thing After that we get more summaries of the existing provision with regard to the financial services than of the future
 legislation usually means an Increased cOst whIch Is iNvAriaBly pAssed on to the coNSumeR. We must indeed strive, not For moRe BUt foR BeTter aNd justiFIaBLE leGiSlAtiOn. i ShOuld aPprEciate tHe CommissiOn's ViEws here.

FloriO
maDam PresideNt, tHe Committee oN LeGal AffAiRs aND CitiZen'S RighTs has wELcomed The work doNe BY the raPPorteur AND hAs puT to the committee reSPoNSible for the subStance A nUMbER Of pOinTs which I wiSh BriefLY to mentIOn. wE HAve, IN particular, stRessed that COMmuNity leGiSlaTIon shoUld be DeSIgnEd to guarantEe grEater compEtitioN On the suPPly side, EffectIve FreEdom OF mOvEmeNt ON boTH tHe sUPplY and demaNd SiDes, prOvisION OF adeQuaTe, acCuratE and effective InfOrmaTIon For inDividUal cOnSumerS - who seEm to uS tO be the least well ProtEcted undeR thE cUrrEnT legiSLation - And GreAter traNsparenCY anD cERTAiNty regarding cross-bOrDER cOntracts.
we have ALsO sOUght to stReSs tHat COMMunitY legISlAtion shoUld act TO lImIt the coStS of croSs-BorDer ContrACts; pRomote The use of The laNGuage of the poteNTial client; proMOtE THe SEarcH foR and acquisiTion OF infOrmaTIoN by ONe conTractInG PaRTy on the other on the baSiS of resPect fOr rules governIng personaL DATa; promotE the EXeRCise of the rightS of eaCh contractINg party iN the MEmber StaTe of the otHER contracTinG paRty; ProMOTe Consumer inforMATion AnD educatIon; GuarantEe rEspEct For ThE principlE of mutuaL rEcOgNiTioN and eNSure that DuE reSpEct For thE RegulaTions Of thE cLiENt's member STAtE OF staY oR rEsidEncE dOes noT hinDEr eFfectivE freedom oF moVEmenT aNd CompetiTion between fiNaNcial produCtS.
ThOse are SOMe of the iSsues we sought to highlighT. it seems To uS that TherE is still, aT thIs stagE, muCH to be dOne to pRovidE gEnuINE protECTiOn fOr Consumers iN THis SectoR. WE are In any evEnt persuaded that thE comMission intendS moVing IN ThE riGHt DIreCtIOn bY FIlling what we conSider to be a NuMBeR of gaps in tHE GrEeN Paper.

WHiteheaD
MadaM presideNt, CommissIoner BoniNo Has lEFT us But it is worTh remembEring that THis GrEEn paper Is tHe resuLt Of a PromiSe she mADe dUring The debAtE on disTance-SeLling. SinCe she accused the ParliameNt todaY of diLatOriness, it Is aLSo wOrth rememBeriNg that it waS noT inTroduCed TO us in EithER tHe tIMescaLe or THe form thaT WaS prOMIsEd.
I want to coNGRAtuLate MRs MARinuccI on wHat she has had to say ABout these matteRs foR OUr cOmmITtee AnD, indeed, for the PArlIaMENt. She has DoNe an admirabLe job. WheN oNE lookS at the green PAper the HEAdINg is peRhapS thE most imprEssIvE Thing abOuT iT. after tHat wE gEt far mOre on sUMmarIES of the existing prOvisiON With rEGarD to thE fInanciaL ServIces than we Do of the futuRe chalLengEs. WhaT I
 legislation usually means  an increa sed c ost  wh ic h is  inv ariably passed on t o the consumer. We mus t ind ee d  str i ve , not  for mo r eb u t f or  b ett er an d jus tif iable l egislation . I  s hould apprec i at e the Comm iss ion's viewsher e.

Fl or ioM adamPre siden t, the Commit tee on Le ga l  Affai r s and C i t iz en's  Rights has welco m ed the work doneby the  r a pp o r teu r a nd has put  t o the committ e er e s pon s ible for thesubstance a num ber of  p oin t s whic h I w is h  br iefly to me ntio n. We hav e, inp articul a r, stre ssed t hat  Co mmun i ty  l egi sl a tio n  s hou l d b e design ed  t o gua rant e e g reat ercomp etiti on on the sup ply  sid e , e ffect ive f reed om  of m ovemen t onbo th the supply a nd d emand sid es,  p rov is ion o f  adequ ate , a ccurate  and ef f ect iv e i nf ormation for indiv id u a lconsumer s - wh o  s ee m  to us t obethel e ast w ellp ro tected u nder t h ecu rrent l eg islati on  -and  grea t er t ranspa rency an d cer t ainty regardin g  cross-border co n t ra c ts.Wehave also s ough t  tostre s stha t  Comm unity  l e gi s lation should act t olimitthe c osts of cross -border co n t r acts; pr omot e  t h e use of the l angua ge of thep otential  clie nt; prom ote the s e a rch forand  ac qui sit i o nof informatio n by o ne  contra cti ng part y o n t heoth er  on the b asis ofre sp ec tfor  rule s  governi ng  pe rs ona l dat a ; prom ote t he e xe rc i seof ther ig h t s of  e ac h co ntr ac tingpart y  in  the Me mber Stat e o f  the  o th er cont racting party ;promote co ns ume r info r m ation an d education; guaranteer espectfor  theprin ciple ofmut ual re cog n itionand en sureth atd u e res p e ct  fo rthe regula t i ons  of t he  cli ent's M ember State of sta y  or  residence do esnoth i nd ere ff e cti ve fre e d om of movementand compet it i on  between f i nan ci al prod ucts.
T hosea re some  of the i ssues weso ught t o h ighlight.It seems  to us th a t the r eis st ill , at t hi s s tage,  mucht o b e don e to p ro vide g enuin eprotecti on for consumers in thi s sect or. W e a re in any  ev e ntpersuaded  tha t the Comm iss ion  inte nds movin g in th e r i ght d irec t ion by fi l li ngw h at  we conside r t o b e a n umb e r of g apsin the Green Pape r .

Whitehead
M adam P res ide n t, C om missioner Boni noha s left usbu t it is wor th remem be r ing t hat th is Gre en Pape r is the re sult  of  a promis e s he made du ri ng the de bate  o n dist ance-s e llin g .  Since she accus ed th e Parli a men t tod ay  of dil a tori ness, it i s also wort h reme mber ing t hat itwa s notint ro duced to u s  in eithe r the  timesc al e or  th e form  tha t was p romi se d.I want to c on g ra tu l ate  Mrs  Mari nu ccion what s h e has ha d t o  say ab ou t t h e se mat t er s for our co mmi tteea n d, indeed, fort he Parli ament.  She h as done anad mirable  jo b .  When one  looks at the  G reen  Paper t he  hea di ngis  perhaps the mo st impre ssive th i n g abou t i t . Af t er tha twe get far m ore o ns ummarie s ofthe exi s tin g p rov isio n w ithr egard to the financial s ervi ces t h anwe do  of t he  futurec hall enges. W h at I
 legislation_usually means_an increased cost which_is invariably_passed_on to_the_consumer. We must_indeed strive, not_for more but for_better and justifiable_legislation._I should appreciate the Commission's views here.

Florio
Madam President, the Committee on Legal Affairs and_Citizen's_Rights has_welcomed_the_work done by the rapporteur_and has put to the_committee responsible_for the substance a number of points which_I_wish briefly to_mention. We have, in particular, stressed that Community legislation_should be designed to guarantee greater_competition on the_supply_side,_effective freedom of movement_on both the supply and demand_sides, provision of adequate, accurate and_effective information for individual consumers - who_seem to us to be the_least well protected under the_current legislation_- and greater transparency and_certainty regarding cross-border_contracts.
We have_also sought to_stress that Community legislation should act_to limit the_costs of cross-border contracts; promote the_use_of the language_of_the_potential client;_promote the search_for_and acquisition_of_information by one contracting party on_the_other on the basis of respect for_rules governing personal data;_promote_the exercise of the_rights of each contracting party_in the Member State of the_other contracting_party; promote_consumer information and education; guarantee respect for the principle of mutual_recognition and ensure that due respect_for the regulations of_the client's_Member_State of stay_or_residence does_not hinder effective freedom of movement and_competition between_financial products.
Those are some of the_issues we sought to_highlight._It seems to us that there_is still, at this stage, much_to be done to provide_genuine_protection_for consumers in this sector._We are in any event persuaded_that the Commission_intends moving in the right direction by_filling_what we consider to be a_number_of gaps in the Green Paper.

Whitehead
Madam_President,_Commissioner_Bonino has left us but_it is worth remembering that this_Green Paper is the result of a promise she_made during the_debate on distance-selling. Since she_accused_the_Parliament today of dilatoriness, it is also worth remembering that_it was_not introduced to_us in either the timescale or the form that was_promised.
I want to congratulate Mrs Marinucci on_what she has had to say about these matters for our_committee and, indeed, for the Parliament. She has_done an admirable job. When one looks_at the Green Paper_the_heading is perhaps the most impressive thing_about_it._After_that we get_far more on_summaries of the_existing provision_with regard to_the financial_services than we_do_of the future challenges. What I