Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-12-12-Speech-3-368"
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"en.20071212.34.3-368"2
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"Madam President, I would like to commend the Economic and Monetary Affairs Committee and, in particular, the rapporteur, Mr Klinz, for taking the initiative to elaborate an own-initiative report, and for the hard work put into that report. I would like to take this opportunity also to thank the European Parliament for its valuable contribution to the asset management debate. Parliament’s previous report on asset management was also an excellent contribution to our work on the UCITS Directive.
A long process of analysis and consultation has, we believe, succeeded in building a strong consensus on what needs to be done and how. We should not overload our agenda, but we are not blind to other issues and problems. Today’s report testifies to the wide range of other issues confronting the European funds industry. We have already started work in many of the areas highlighted in the present report. The aim is to build a robust body of evidence on which to base future decisions. We are glad to see that a careful impact-assessment-driven process is endorsed by Parliament. We strongly believe in that approach in the Commission. It would ensure that future initiatives respond to real needs and provide effective solutions. We are also applying this approach in our work on private placement. By May 2008, we plan to present a Commission communication assessing the need for, and the feasibility of, the European private placement regime.
The report before us today calls for speedy solutions to facilitate the cross-border passporting of retail non-harmonised funds. We are also looking carefully at this important issue, and will report to the Council and Parliament in autumn 2008. We hope that this report will bring some empirical basis to this complex discussion.
Sometimes, listening to this debate, we might have the impression that solutions are identified before a problem has been properly specified. We would caution against rushing to further enlarge the EU retail fund framework. UCITS 3 already permits a wide range of innovative strategies, including some types of alternative investment. We need to be clear about what is currently possible, and on whether risk management controls across the industry are up to scratch, before contemplating further enlargement of the retail fund framework. We understand the European funds industry’s desire to explore its lead in innovation and financial creativity, but not at the price of investor confidence in the UCITS brand.
We acknowledge the concerns raised in the report with regard to the divergent regulatory requirements applicable to the distribution of substitute products, and stress that the Commission has an open mind on whether there is a substantive issue that needs to be tackled. Responses to the call for evidence launched in October will allow us to assess whether the existing regulatory patchwork results in a real and significant risk of investor detriment. In the light of responses and further follow-up work, the Commission will issue a communication in autumn 2008 on the need for EU-level action.
We welcome the report’s acknowledgement of the positive contribution that hedge funds provide to the functioning of markets and corporate efficiency. Some recent industry-led initiatives to develop voluntary standards on best practices are a welcome and proportionate response to the demands for greater disclosure. We appreciate that Parliament also considers that international responses are needed in these highly globalised businesses.
In summary, a lot has been achieved in the area of asset management. There is a long road ahead. New challenges constantly appear in this fast-moving business. However, we will do ourselves no favours by rushing into hasty and ill-prepared responses. We are glad to see that the Commission has, in Parliament, a valuable partner working towards the same goal, which is an integrated and efficient European fund market delivering for both industry and investors alike."@en1
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