Industry backs single market for investment funds

Responses from industry and other stakeholders to a green paper on investment funds have shown general support for improvements to the existing regime rather than legislative changes.

In July 2005, the Commission issued a green paper on the future of investment funds in the EU and in particular on the implementation of the directive on undertakings for collective investment in transferable securities (UCITS – see Linksdossier).

Commenting on the responses to the green paper, Internal Market Commissioner McCreevy said, “There was almost universal consensus that the current framework can be improved, plus a real desire to confront the challenges facing the industry.”

The UCITS directive provides a framework by which funds authorised in one member state can be sold across the Union but there have been problems with uniformity in the implementation of its rules. The green paper therefore, which industry responses have now endorsed, suggested further work should be done to improve implementation with the aid of the Committee of European Securities Regulators (CESR).

The Commission will now carry out further impact assessments through industry expert groups and commissioned studies. A white paper on investment funds is expected in autumn 2006.

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