Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-01-13-Speech-2-013"
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"en.20090113.4.2-013"2
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"Mr President, Commissioner, ladies and gentlemen, we are about to vote on the new directive on undertakings for collective investment in transferable securities. This directive has been extremely important in the past and will continue to be so in the future.
Things have changed so quickly since the first directive, which dates back nearly a quarter of a century, that we now need to coordinate the laws, regulations and administrative provisions, as the title states, and request a radical update to take into account new needs, which I think should be seen in terms of greater fluidity and mobility, as well as greater supervision and control.
The work in the Committee on Economic and Monetary Affairs went ahead in a spirit of excellent cooperation due to the positive attitude of the rapporteur, whom I cannot thank enough, and the Council, perhaps because we realised that we were touching on an area that is closely connected to the financial crisis and that we urgently needed to come up with some timely and appropriate answers. I think it is important at this stage to sum up a few points on which we reached a good understanding and, I hope, good results. This is the case with management companies, particularly as regards identifying the applicable law – the law of the Member State where the fund is or where the management company was set up – in order to take us toward a clearer, safer and more efficient supervision system. It is also the case with the agreement on the Level 2 measures that the Commission has been asked to adopt by July 2010 without fail.
It also applies to the understanding that makes the management company responsible for procedures, mechanisms and contact names to enable consumers and investors to obtain specific information, not least if they have complaints to make, if the management company is not based in their Member State. We should view in a positive light the possibility of further strengthening cooperation in terms of supervision, with bilateral and multilateral agreements between the competent authorities of Member States on UCITS and management companies, and also the agreement on merger and master-feeder-structures that make it possible to operate throughout the full extent of the internal market. We still have some differences of opinion, however, on the timing of the notification procedure, because we would have liked and would still like this to be longer and more appropriate, as laid down by the Council.
Lastly, I would like to mention the progress made on the prospectus, the key investor information for consumer protection, noting that in this case as well we would have liked a hard copy of the prospectus to be circulated automatically due to its small size, and not solely on request. To conclude, I feel there should be broad agreement on the need to complete this dossier at first reading."@en1
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