Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-01-13-Speech-2-968"
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"en.20090113.22.2-968"2
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"UCITS (Undertakings for Collective Investment in Transferable Securities) are a harmonised investment fund product that invest according to defined investment policies. The UCITS framework Directive, to which the Klinz report refers, ensures cost transparency — and something which is particularly important at a time of economic and financial crisis in the EU — a high degree of investor protection. The Directive sets basic requirements on the organisation, management and oversight of investment funds.
It is true that, in comparison with the American market, European investment funds are characterised by their small size, a consequence of which are the high costs for investors. There is therefore a need to review the UCITS package, adapt it to investor needs and ensure the competitiveness of the EU fund industry.
The changes proposed by the rapporteur are primarily the introduction of new provisions concerning fund mergers (so that they will be treated as domestic mergers and will retain tax-neutrality), the introduction of a document which provides key investor information (replacing the simplified prospectus) and simplification of the existing notification procedure by using direct regulator-to-regulator information exchange."@en1
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