Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-12-12-Speech-3-371"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2007-12-12"^^xsd:date2
dcterms:Is Part Of	lp_eu:Asset management II (debate)2
dcterms:Language	"lt"^^xsd:language2
lpv:document identification number	"en.20071212.34.3-371"2
lpv:hasSubsequent	lp_eu:2007-12-12-Speech-3-3722
lpv:speaker	lp:Margarita Starkevičiūtė2
lpv:spokenAs	unknown; Liberalų ir centro sąjunga (2004-07-20--2009-07-13)3 member; ALDE (2004-07-20--2009-07-13)3 member; Delegation for relations with Japan (2007-03-14--2009-07-13)3 substitute; Delegation for relations with Iran (2007-03-14--2009-07-13)3 substitute; CONT (2007-01-31--2009-07-13)3 substitute; BUDG (2007-01-31--2009-07-13)3 substitute; Delegation for relations with Australia and New Zealand (2007-04-25--2009-07-13)3 member; ECON (2007-01-31--2009-07-13)3
lpv:translated text	"I would like to point out that this report, though well-balanced and generally acceptable, does not in fact reflect true reality. The problem is that most of the financial institutions, as appears to be the case, judging from the data supplied, are not adhering to the rules and regulations we have recommended. The main problem appears to be the abuse of the discrepancies occurring in these regulations. For this reason we must examine the report in the context of the other reports and documents, like MiFID, with the aim of finding some kind of compatibility. Another point that I would that like to highlight is that I support Mrs Lulling’s opinion: UCITS is a good name, and we therefore need to be very careful about including new products in the portfolio. Why is that? Because we do not know what these products are like. I am very sorry, but in this document, as well as in the Commission’s proposal, the portfolios and interests of a retail investor and an institutional, professional investor appear to be slightly jumbled. Retail investors should have clear definitions and regulations. However, when we have both UCITS and alternative investment funds, the reality is that in my country, for example, they are mixed together and presented to the retail investor, who then does not understand what he is investing in. That is why we must have clearer definitions and a document that is structured unequivocally. I do hope that next year the Commission will produce a document that is structured more clearly. We really must protect retail investors. Of course, private investors should have more rights, but these should be defined separately. We should not advise people to invest in alternative funds that have not even been defined. In my country any fund is branded alternative at present."@en1

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