Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-04-26-Speech-3-214"
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"en.20060426.16.3-214"2
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"Mr President, what we have here in front of us is a dual challenge. First, we need to work towards a genuine single market for investment products. Second, we have to make the European investment fund industry more globally competitive. To this end, there are highly useful recommendations in Mr Klinz’s report.
The possible introduction of a harmonised, simplified prospectus across the EU, which would make it possible for investors to compare products easily, is one worth mentioning. As you have already mentioned, Commissioner, unified provisions on eligibility of assets is another. Simplified notification procedures; enhanced cooperation between regulators upon receipt of a notification in the country of origin; mutual recognition of product passports: the list goes on and on.
Asset management is a key tool for Europe to be able to fund its soon-to-be-explosive pensions situation. The ongoing industry work towards integration, consolidation and dismantling the barriers to cross-border business should be backed up by effective and coherent action by national regulators.
I strongly support the line taken in Mr Klinz’s report in favour of greater industry initiatives for creating an operational and consistent European model of fund management, to be backed up by regulatory convergence when necessary. Using existing powers under EU competition policy, rather than starting from scratch with a whole new regulatory framework, would seem to be a better way to police the market environment, which currently suffers from differences in national interpretations of key provisions of the UCITS Directive.
A final word about the Directive on markets in financial instruments: MiFID regulates an important part of asset management business, namely the acceptance and execution of orders in connection with undertakings of collective investments. Best execution requirements for asset management are distinct from those of the brokers, and this should be recognised in the Commission’s implementing measures currently under review by the European Parliament and the European Securities Committee."@en1
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