Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-04-26-Speech-3-216"
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"en.20060426.16.3-216"2
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".
Mr President, as I have already made clear, the Commission welcomes Parliament’s report. It is a clear statement of priorities and represents a realistic blueprint for driving forward improvements in European fund markets. It is a powerful reminder that the end goal is to deliver sound and attractive investment propositions to European retail investors.
We share the vision of an efficient and innovative fund industry that is attuned to the needs of its traditional retail investor base. We also agree on how best to achieve that: through concrete, sensible, targeted changes based on close contact with the market and informed by a strong commitment to making markets work for the end investor.
To touch on the points raised by Mrs Lulling, we have an existing legislative framework and we will ensure that it is implemented properly. Let us build on that rather than tear up the existing rule book. This does not mean that we are settling for second best. There is a lot that we can do through targeted and calibrated adjustments to the existing legislation.
This work will have a dual focus. First, we need to give investors the means to make informed choices between the best available products. European investors should not be denied access to technical, complex but sound products that are coming onstream. What matters is the way in which funds are sold to the end investor; that there is effective and comparable disclosure of costs and risks; and that intermediaries respect clear obligations when recommending funds to potential retail clients. In this regard, I take note of the strong message from you on the need for significant improvements to simplify the prospectus. We are already giving some thought as to how we can rectify the failings of the simplified prospectus.
Our second focus must be on the supply side of the market. We need to look at how we can better use single market opportunities to bring down relatively high costs in the European fund industry. I am pleased to note the broad consensus between the Commission and Parliament as regards the main bottlenecks to efficiency gains in the industry.
Parliament’s report confirms the importance of measured but effective action in this field, and the Commission will now define the practical steps that are needed. Our White Paper to be published in early November will define the steps needed to translate our shared ambitions for this important pillar of the financial sector into reality."@en1
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