Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-04-26-Speech-3-211"
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"en.20060426.16.3-211"2
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"Mr President, when addressing the issue of investment funds in the Union, one must include two vital elements. The first consists of assessing the proactive role played by the undertakings for collective investment in transferable securities (UCITS) in the construction of a single market for financial services, a goal which has yet to be accomplished. The second involves taking account of the now crucial role of collective management for all customers of financial services, which means virtually every EU citizen.
European legislation on investment funds has been in place for over 20 years and has proved its worth. We have a ‘product’ label that is recognised both at European and world level, and our task, above all, is to ensure its implementation. Furthermore, it is not so much the current legislative framework that is causing most problems, but rather the differences between the Member States in their interpretation and implementation of the directives. Given that the Commission is well aware of where the problem lies, I am amazed that it has not used its powers to ensure appropriate transposition of the legislation, not least where the effective functioning of the sector is hamstrung by unsavoury protectionism. Commissioner, you were right to acknowledge that the ball is in the Commission’s court. I would also call on the regulators meeting in the Committee of European Securities Regulators to take immediate action in line with the 2001 directives and not to wait for changes to the law.
That being said, I am not opposed to development per se. The rapporteur has explained that several amendments of a legislative nature need to be made. These concern, for example, a new simplified notification procedure, the simplified prospectus and the cross-border use of pooling techniques.
As for the issue of the European passport, the report supports the principle of the passport for management companies, but believes it would be premature to do likewise for the function of depositary. Which brings me to a crucial point. An essential prerequisite of all advances in the field of passports is a monitoring system that is accurate and universally accepted. How can risk-free monitoring of a body established, say, in Ireland or London and whose funds are deposited in Luxembourg be arranged? At the first sign of trouble, you will see that nobody will feel fully responsible if the monitoring architecture does not specifically establish responsibilities. In this regard, the system of delegation still has a bright future.
As regards the issue of eligible assets, I am of the opinion that one must be open to products developing on the market but that one must never lose sight of the fact that investors must be protected.
I should like, if I may, to finish by expressing my support for the rapporteur’s remarks about the amendments tabled by the Socialist Group in the European Parliament. We shall not be voting in favour of those amendments, and I regret that all of our efforts to reach a workable compromise were not accorded the value they merited."@en1
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