Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-01-13-Speech-2-017"
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"en.20090113.4.2-017"2
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"Mr President, Mr Klinz, thank you for your work, your commitment and your negotiating skills. UCITS are in some way a trade mark for the European financial markets; they are a good export product. However, there are imbalances in the European Union, as it is an area in which there are producer countries and consumer countries, so there are different strategies.
One of the aims in revising this directive is to organise, in these conditions, an internal market in UCITS which really works. Now, there are four questions at this stage: the first, which has already been raised in this debate, is evidently that of the management passport and I heard the Commissioner tell us about his fear of seeing this passport badly prepared. However, Mr McCreevy, there needs to be a will to prepare it: I have sometimes had the impression that it was not something the Commissioner was set on achieving. I am therefore pleased about the negotiations that have begun on the initiative of the European Parliament and the Council to ensure that, when the UCITS Directive is revised, we will adopt a real management passport which will allow the European Union’s internal market to function in normal conditions.
The second observation relates to the issue of retention. If, when the Capital Requirements Directive is revised, we require the banks to hold 5% of the securitisations that they place on the market, it will be necessary immediately to harmonise, and under similar conditions, the retention obligations in the UCITS field, because the same risks must lead to the same rules.
My third observation relates to the issue of supervision. I do not think anyone here will doubt our determination to seek improved supervision conditions. We are all awaiting, on the initiative of President Barroso, the results of the working group led by Jacques de Larosière. I believe that the stakes are such that we cannot wait much longer for the results of this working group to be implemented. That will have an impact on the conditions for organising supervision between the stakeholders, in other words the producers and the consumers of UCITS. We thus need the supervision issues in this area to be defined.
Finally, my last observation is about tax regime issues. The rapporteur has mentioned them and the Commissioner has made a commitment. There is, behind the issue of tax regimes, hidden protectionism which we must denounce, which we wish to overcome. To do so, the Commission must take initiatives so that the tax regime allows truly free movement of UCITS products, with no protectionism."@en1
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