Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-04-26-Speech-3-212"
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"en.20060426.16.3-212"2
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"Mr President, Commissioner, ladies and gentlemen, I believe that today’s meeting was always on the cards because, when we debated the previous directive, we admitted that, as regards the definition of eligible assets for the investment of undertakings for collective investment in transferable securities (UCITS), we needed to adapt to the modern world and that the last text we adopted was, in that regard, not exactly ideal.
As you are no doubt aware, Commissioner, we are in a sector that has its own geography because asset management involves UCITS that are produced in some countries and used in others. What we have, in other words, is a market with importing countries and exporting countries, and this is an important factor in how both sides might approach this work. Let us not overlook the fact that this work has a purpose, albeit an increasingly complex one, and that is without doubt the most important factor in our meeting.
UCITS are products that in some respects were designed for a broad range of savings, that is to say, for small and large investors. The danger is that the proposal now before us will make this investment product more complex and will not necessarily provide it with measures to ensure better protection for investors. Given that problems of mis-selling, to use a nice French expression, have come to light in several EU countries, damaging investor confidence, we must at some point, here or elsewhere, match the more complex nature of investment products with greater protection for investors, whoever they may be. This is the thrust of one of the amendments tabled by the Socialist Group in the European Parliament, and I hope it will be adopted.
Our group attaches vital importance to the simplified prospectus, because we believe that it is an essential prerequisite for the effective implementation of a ‘product’ passport.
I should like, finally, to say a few words about supervision, as we are in a field in which the absence of a European regulator constitutes a major source of difficulty. This is what makes the circulation of UCITS difficult, because there is mistrust among regulators. What are needed are a restoration of confidence levels among national regulators and, more to the point, a European regulator with greater powers. I realise that, by saying this, I am already going beyond the scope of today’s debate.
I shall conclude by saying a few words about the work to be done. As far as we are concerned, this should be a two-stage process. There are some things that we need to do straight away, such as broadening the basis of eligible assets. Thought also needs to be given to the role and responsibilities of the various actors in this branch of activity of importance to the integration of the EU's financial markets."@en1
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