MEPs vote to outlaw Execution only trading.

Hi FTSE,

I saw some snotty cow on Breakfast TV suggesting Share investing should be left to the experts - Stockbrokers and further that £100 per transaction is reasonable for such expert service.

Pity most of them couldn't pick a winner in a one horse race.

This really is back to socialism and the nanny state concept. If push comes to shove we should do as the French do and fail to pass European directives into Law when you don't like em.

If Labour won't do the business for us then we need the Tories to take us out of the EU. Are you browsing tonight Ian? Fancy another beer next weekend?

JonnyT
 
Hi ,

I received an email this morning from one of the MEP's that I mailed last night, he included this article :

Release time: Immediate, Date: 2nd September 2003, Issued by: Theresa Villiers MEP +33 (0) 388 17 5792

Cheap Share Deals Get a Reprieve

Crucial amendments to ensure that the cost of buying and selling shares does not rise by up to 20 times were made by the European Parliament today. The Economic and Monetary Affairs Committee voted on the Investment Services Directive (ISD), which threatened low-cost, 'execution-only' share dealing.

Theresa Villiers MEP, Conservative Finance Spokesman and author of the Parliament ISD report, tabled amendments to the ISD to lift the threat to execution-only business and confine suitability tests to advice services. Different political groups and nationalities supported the amendments, which have been extensively lobbied for by UK shareholders. Mrs Villiers said:

"It is a huge relief that my amendments have been accepted by MEPs. The European Commission's proposals for new red tape on execution-only services could have been a fatal blow to these low margin, 'no frills' services.

Investors would have been forced to buy advice they neither need nor want. This could cost them as much as 20 times the price of an execution-only sale.

This unnecessary red tape has been rejected by MEPs in committee. Now we have to ensure that the full plenary session of parliament votes the same way. It is vital that my amendments go through to remove the red tape threat to execution-only services and preserve investor choice."

ENDS

........sounds like good news

Jason
 
Jason - thanks for sharing that with us. Sounds like provisional good news for the time being. But as Theresa Villiers says

"Now we have to ensure that the full plenary session of parliament votes the same way. It is vital that my amendments go through to remove the red tape threat to execution-only services and preserve investor choice."

I guess it depends on how much you trust politicians to make sensible decisions on our behalf.
 
Mrs Villiers sounds communicative.Could you e-mail her again for details of the amendments,and when/where exactly the vote is.Perhaps she/someone on this board could prepare a stock letter that we could copy into notepad and send to our MEP's (7 in the south-west) detailing what amendments we want them to vote for and when and where to do it.If you make it as easy for them as possible (for us as well) They're more likely to comply?
 
Jonny40

didn't email Mrs Villiers direct as I dont have her email, though I certainly will if anybody finds it & probably not that hard to find.

What I did was to send a quite stern email expressing my opinion to all of my local MEP's that were listed on the link given by Trader333 above.

I have recieved replies from 2 of them, the article was from a Mr Roger Helmer.

I agree with u, the more we can all push to prevent this the better, so all ideas should be welcome.

Jason
 
I received and interestin response from my MEP

"Could you please send me your postal address so that we can respond to you inquiry.

Thanking you
Suzanne Richards "

Who i assume is the secretary for my MEP. Now i presently consider that a wasted letter trying to pose a well written argument for not voting for this law to be passed but at least the ball is rolling. I didnt expect much from a first contact but i did expect more than a "whats your address chump?" maybe a "we will be looking into this and other inquiries.. blah blah etc."

Agree with jonnyy440 about a standardised letter to our MEP's I for one am not that articu...thingy when it come to writing such letters and it may help get a more uniform message to those who allegedly work on our behalf in the government

I know am passing the buck by asking for a volunteer but I am not up to the job and dont mind admitting it.
 
How could they enforce such a ridiculous law ?

I certainly would'nt lose any sleep over this.
 
http://www.theresavilliers.com/

<img src="http://wwwdb.europarl.eu.int/ep-img/whos/leg5/4520.jpg">

Education: Francis Holland School, London (1979-1986); LLB First Class Hons., Bristol University (1987-1990); BCL Hons., Jesus College, Oxford (1990-1991). Bar finals leading to qualification of barrister-at-law, Inns of Court School of Law (1991-1992). Pupillage in Chancery chambers, Lincoln's Inn (1992-1993). Barrister in chambers, Lincoln's Inn (1994-1995). Lecturer in law, King's College London (1995-1999).
Vice-Chair, Hammersmith and Fulham Conservatives (1996-1998). Deputy Chair, Hammersmith and Fulham Conservatives (1998).

Postal address:
32 Smith Square
LONDON SW1P 3HH

D) FURTHER INFORMATION:
Owner of portfolio of shares
Member of British Airports Authority MP/MEP parking scheme
Visit to Cyprus (travel and hotel) 26-28 June 2000 paid for by the Democratic Rally
(Cypriot centre right party)
Two tickets to the Brit Awards provided for by the International Federation of the
Phonographic Industry (3rd March, 2000)
Visit to Cyprus (travel and hotel) 18th -20th July 2001, paid for by the Democratic
Rally (Cypriot centre right party)
Two tickets to Wimbledon Tennis Championship, plus lunch paid for by Barclays Bank
(2nd July 2001)
Ticket to Politicos dinner, 8th April 2002 (approximate cost £100) paid for by BP
Unpaid director of the think tank Conservatives for Change Ltd
Visit to Cyprus (travel and hotel) 22nd-24thMay for a staff member to enable her to
accompany me on the Joint Parliamentary Committee meeting, paid for by Democratic
Rally (Cypriot centre-right party)
Visit to Cyprus (travel and accommodation) 20th October 2002, paid for by the office of
Charalambus Pittas, Mayor of Morphou
Date: 20/1/2003 Signature:
 
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And with a little prompting the response i was really after

"...after re-reading your email I think it may be related to a Parliament Report which Arlene has drafted an Opinion on for the Legal Affairs Committee.

I will forward your email on to our Brussels office who will be in contact with you in due course.

Regards
Suzanne"

From what ive been reading in bonsai's and other links it is most probable that it will not be passed as there is a lot of opposition.
 
I would like to think so newtron but the socialist hold sway in Brussels.
The socialists see us as speculators (lol)
who - caused Mr H Wilson to devalue the pound.
and - made the nice Mr Healey have to beg for money from IMF.
and - took us out of the ERM.
and - caused the 87 crash
and - caused the dot.com bubble
etc

but why on earth would a socialist understand free market forces.
?
Wait till Blair goes. Clause 4 will be back in like a shot ! or quicker than you can say "Gordon Bennett" (lol)

I am really looking forward to the Labour Conference this year.
Mandatory standing ovation used to be 4 minutes.
 
Bonsai,

Didn't you mean Gordon Brown?

I bet he's loving every minute of the Hutton enquiry at the moment.

Blair is damaged goods and will be saying goodbye either before or at the next Election.

JonnyT
 
no
"Gordon Bennett" has been a polite expletive in our house for some years.
but since 97 it has had a particularly satisfying feel to it.
 
we need to agree on someone to e-mail her for the help in formatting the e-mail/amendment details etc.Someone more computer savvy than me! Then we can all send our e-mails and know it's done. Any volunteers?
 
Dear terry,
As you have legs that go all the way up to your neck
would you please go and kick someones ar se for us ?
Yours for ever,


How about that, will that do ?
 
I thought we were being serious on this? I just want to save duplication of effort and if there's professional help available,it makes sense to use it? She can format a letter that will give her colleagues!? the basic info they need to know exactly what we want them to vote for.If they receive many disparate e-mails of varying quality it will probably be a nuisance to them. When it's done we can at least know we presented our case to the best effect?
 
The who will be different for everyone as it will be your local MEP so one would assume the more people that write to their MEP then the more voices will be talking about it in Parliament
 
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