Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-02-17-Speech-4-020"
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"en.20000217.2.4-020"2
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"Mr President, the introduction of the euro and the further liberalisation of capital markets has already produced a larger and deeper European financial area, which is helping to open up markets and create price transparency, but also to increase competition.
At the same time, it is important to appreciate the economic importance of financial business dealings, particularly those we are concerned with today. At the end of 1999 there were almost 15 000 investment funds registered as UCITS with a total value of in excess of EUR 2 billion, thereby accounting for roughly 75% of all funds assets. Hence the Commission rightly cited the economic importance thereof in its proposals for draft directives, and I must say that I actually have every confidence in the Commission’s proposal. We are all aware how difficult it is to improve a legal framework for investment funds, and how difficult it is to construct the European passport for management companies around particular standards which are to apply even-handedly across the board.
This therefore represents a step forward in respect of the legal and supervisory stipulations for financial markets and financial products. It is also my primary concern to optimise consumer protection in this way and I think it is very important for this to be reflected in the Commission’s proposal and that of the European Parliament, as well as in the compromise motions.
However, I do not believe that we can assess the risk associated with the OTC derivatives, and I also think that as a European Parliament it is our duty to inform and impress again and again on consumers – who expect investment funds to be comparable with a traditional savings agreement when it comes to long-term security, and indeed that is why they were known as investment savings – that these products do not bear comparison and that is why we need a minimum level of protection. Why do we not take our cue from the minimum level of protection afforded by the trade in transferable securities directive, Article 11 for example, which relates to good practice?
I therefore believe that this is another step forward we can take and I think it would also be a positive move if consumers and investors could be made aware of a fund’s name so as to be able to learn something about its risk profile."@en1
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