Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-12-12-Speech-3-375"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20071212.34.3-375"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
"Madam President, I would like to thank Mr Klinz for this report. The European fund industry has made some big strides in recent years, and the UCITS Directive has been instrumental in this. But, while the fund industry has experienced rapid growth, it has much more potential. This potential can be unleashed through increased competition and mobility in the industry across the EU.
I would like to make some observations about the report. I can see merit in the recommendation to extend the scope of UCITS to invest in open-ended real estate funds and funds of hedge funds, but this should be dealt with, in my opinion, in a separate directive or legislative instrument. I also see merit in proposals to enhance the EU private placement regime and agree that the definition of eligible investors is crucial. It is important to note that, while the definitions contained in the MiFID and the Prospectus Directive offer a good starting point, there may be some additional issues which might also need to be addressed.
With regard to investment policy and risk management, I want to remind the Parliament that, while CESR is conducting a review of how the risk management process requirements of the UCITS Directive are implemented across Member States, it is not CESR’s intention to harmonise these requirements. Certain key areas where divergent practices exist could be explored with the objective of a more harmonised approach. Guaranteed funds should be backed by capital advocacy requirements and this should be addressed by only allowing funds to be called guaranteed if they are backed by an adequate guarantee arrangement. I have concerns regarding any call for a depository passport that would result in the depository being established in a different state from that of the UCITS. This would create a regulatory gap because a UCITS and its depository would be subject to separate regulatory regimes, and complex legal issues might arise in the event of difficulties within the UCITS.
I thank my colleague for this report, which is a very useful one, and I hope that the Commissioner will be able to respond to the points I have raised."@en1
|
| lpv:spokenAs | |
| lpv:unclassifiedMetadata |
Named graphs describing this resource:
The resource appears as object in 2 triples