Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-02-17-Speech-4-017"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2000-02-17"^^xsd:date2
dcterms:Is Part Of	lp_eu:UCITS2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20000217.2.4-017"2
lpv:hasSubsequent	lp_eu:2000-02-17-Speech-4-0182
lpv:speaker	lp:Wilfried Kuckelkorn2
lpv:spokenAs	substitute; ECON (1999-07-22--2002-01-14)3 member; BUDG (1999-07-21--2002-01-14)3 member; Delegation for relations with Japan (1999-10-06--2002-01-14)3 member; PES (1999-07-20--2004-07-19)3 unknown; Sozialdemokratische Partei Deutschlands (1999-07-20--2004-07-19)3
lpv:translated text	"Mr President, ladies and gentlemen, it has become necessary to amend the UCITS directive because the old directive no longer reflects the realities of the financial markets. A major factor in this respect is that individual investors are making capital investments through undertakings for collective investment in transferable securities. Master-feeder funds are therefore at variance with the aim of the directive and the Committee on Economic Affairs was right to reject them for this reason. Individual investors need transparency with regard to the risks associated with management companies and products. The products must be designed in such a way that even individuals making small-scale investments over-the-counter fully understand what they are letting themselves in for. Under the terms of the European passport for UCITS, this means that national supervisory authorities have to apply uniform standards in monitoring products and management companies. Discretionary powers for national supervisory authorities must be restricted if we are to create transparency and people are to have faith in the products and management companies in the internal market. It is therefore an important achievement of the UCITS production line to have picked out as a central theme the association between derivatives and OTC papers in the interests of efficient portfolio management, for one of the old directive’s major disadvantages was that each regulatory body understood efficient portfolio management to mean something different. The European Parliament would be well advised to strengthen consumer protection in Europe. The consumers do not automatically receive information about all the products on offer and the risks associated with many of these products. Europe must not be a paradise for investment companies, banks, insurers or their lobbyists."@en1
lpv:unclassifiedMetadata	"(Applause)"1

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