Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-01-13-Speech-2-014"
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"en.20090113.4.2-014"2
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"Mr President, Commissioner, I would like to begin by thanking my colleague from the Group of the Alliance of Liberals and Democrats for Europe, Mr Klinz, for his excellent work. In such a turbulent time as this autumn has been, the rapporteur has succeeded in finding a reasonable compromise, as we have already heard. Even without the financial crisis, these issues are difficult to deal with. I know this only too well, as I was responsible for steering through UCITS in 2001.
The aim of UCITS funds is to create not only a better and larger funds market, but also an open and consumer-friendly market. This has largely happened. Many obstacles were removed in 2001. I would like to remind everyone that it was not particularly easy then, either. It was also prior to the Lamfalussy process. A few obstacles remain, however, and it is these obstacles that are being dealt with now. There will be an improvement in marketing. There will be greater protection for investors. The merger of funds and master-feeder-structures will be possible, and cooperation between supervisory authorities will be strengthened, something that was also mentioned by the Commissioner.
The rules concerning the management company passport have been a sensitive issue. We have already heard comments on this. We are aware of the different opinions. However, I think that the present proposal is a good one. Competition and openness are always good in a well-organised market.
Another important issue was the key investor information, which replaces the simplified prospectus. A balance must be achieved between relevant information and effectiveness. Too much information is not good but neither is too little. The question of language is, of course, a sensitive one, but I believe we must have the courage to deal with this issue if we want to make more headway with cross-border trade. A reasonable balance is also required in this area.
As became evident in the autumn, Europe needs a financial market that functions effectively. UCITS have cleared the way and become a success and an esteemed trade mark outside Europe, too. Let us safeguard this development, which is also something this proposal does."@en1
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