Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-01-13-Speech-2-010"
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"Mr President, I am pleased to express the Commission’s support for Parliament’s amendments to the UCITS IV proposal. This will facilitate the adoption of UCITS IV modifications in a single reading. Such an outcome will be a very welcome development for EU fund markets which have recently been confronted with many tough challenges.
Finally, let me conclude by making two statements which the Commission agrees to make in relation to the adoption of this report.
Firstly, regarding the issue of taxation of cross-border mergers. The Commission will undertake to examine the potentially adverse impact that national taxation systems may have on cross-border mergers and use its funds once the proposed provisions are adopted. The Commission will in particular examine the potential cases of adverse tax consequences for investors.
On the issue of supervision, I have been vocal about the need to strengthen supervisory cooperation. In Solvency II and in the amendments to the capital requirements directive, the Commission has, on my recommendation, put forward proposals to strengthen supervisory cooperation. I therefore have no difficulty in agreeing on the need to push forward in this crucial domain. Therefore, in order to ensure consistency and coherence in all relevant financial sector regulation, the Commission agrees, on the basis of the conclusions of the de Larosière report, to examine the need to strengthen the provisions of this directive related to supervisory cooperation arrangements.
The proposal adopted by the Commission last July is the outcome of a thorough process of consultation. It started before the financial crisis. It sets some clear objectives for improving the functioning of the UCITS Directive. Bearing this in mind, the Commission wanted to simplify and stimulate cross-border sales of UCITS, provide fund managers with effective tools for increasing the size of their funds and benefit from economies of scale. However, it is not only about being competitive. The Commission also wanted to put in place effective rules on investor disclosure ensuring that anybody wishing to invest its savings into a UCITS should receive essential, clear and understandable information before taking his or her decision.
I am pleased to note that the goals set by the Commission proposal have been met. Parliament and Council have adjusted the Commission’s proposal on mergers, master-feeder-structures, fund notification and key investor information, but the high-level ambitions set by the Commission in its original proposal was fully respected.
The Commission is very pleased with the outcome of the codecision process as regards the chapters contained in its July proposal. On the subject of the management company passport – which became an important part of the proposal – initially at the time of the adoption of the proposal, the Commission had serious concerns about the potential negative impact that an insufficiently prepared management company passport would have for the security and retail investors placing their money in UCITS funds.
Looking back, I am convinced that our decision to consult the Committee of European Securities Regulators on these issues was the right one. It helped Parliament and the Council to design sound provisions which would protect the interests of unit-holders. This was my one and only consideration dealing with the management company passport.
We have come a long way since July 2008. The CESR advice has provided the basis for a comprehensive set of provisions that clarify respect for responsibilities, ensure full information flow and underpin the necessary cooperation and support to EU Member State authorities. This is true at all stages: initial authorisation, ongoing supervision and enforcement. The Commission can now sign up to the compromise text.
Our work in this is, however, not finished. The success of the management company passport depends on our ability to deal with some remaining complex issues, like risk management via Level 2 measures. This work will also provide the occasion to tackle weaknesses in risk management that have become apparent in a small number of cases in recent times.
Very strict deadlines have been imposed on the Commission in delivering these measures. We have expressed our concerns on the feasibility of these deadlines. We will need time and resources to carefully prepare these measures, to consult stakeholders and adopt them. The Commission will endeavour to start this process as quickly as possible. We will also need the full and active cooperation of all actors, including this Parliament, to be able to deliver on time.
I would like to warmly thank again the rapporteur Mr Wolf Klinz and express my appreciation and admiration for the efficient handling of this file by Parliament. All three institutions can be satisfied with the consensus that has been achieved in the space of only a few months. You have shown that Europe can move speedily to bring about useful regulatory improvements. You must build on this achievement now and complete the ambitious programme of implementing legislation."@en1
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