Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-10-22-Speech-1-104"
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"en.20011022.7.1-104"2
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"Mr President, I refer to the common position on Directive 1998/242 and the capital requirements that it will impose on investment management firms. In Scotland, there is a long tradition of investment management going back to the opening of the American west in the 19th century. These investment managers were usually law firms, private partnerships, which managed the assets of their clients very successfully. To this day, there are investment firms of this type, private partnerships, sole proprietorships and other structures with limited capital. The interests of clients are fully safeguarded as their assets are held by independent and fully capitalised and regulated depositories.
It is largely irrelevant to set capital requirements on the investment management firms themselves. I am relieved that the Council has reduced slightly the capital requirements set by this Parliament at first reading and has set a top limit of EUR 10 million. But this is still substantial for private partnerships and sole proprietorships. Incidentally, the largest and most successful firms in America and in the world – Fidelity is a good example – are exactly of this type.
The requirements of this type will be a hurdle for new enterprising entrants into an industry which requires a regular injection of new blood. At the very least, it should provide for this capital to be available by means of guarantees from banks or by insurance policies to cover professional and operational risk. But the common position, for some not very apparent reason, restricts such cover to only 50% of the requirement. Why? The common position provides for the Commission to report on this matter within five years of entry into force of the directive. I should like to put on record now the request that such a report should specifically consider whether any capital requirement at all is necessary for investment management companies, and certainly that it should be greatly reduced."@en1
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