Technical workshop with industry representatives on PRIPs
22 May 2008
DG MARKT Services hosted an industry workshop on 22nd May 2008 to discuss the results of the Call for Evidence on Retail Investment Products. The workshop brought together industry experts representing the fund management, banking, insurance, securities and distribution sectors, alongside observers from FIN-USE, the Committee of European Banking Supervisors (CEBS), the Committee of European Securities Regulators (CESR) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).
Elemer TERTAK, Director, Financial Institutions, DG MARKT, delivered the closing remarks. He recalled that there are significant differences between national markets for retail investment products and that the relative popularity of particular products is influenced not only (or even mainly) by the regulatory regime but also by the tax treatment of particular products, cultural preferences and financial innovation.
One important question that will need to be answered is whether the current patchwork of EU legislation in this field distorts market outcomes. He also reiterated the importance of ensuring that the regulatory framework delivers an appropriately high level of product transparency and point of sale discipline, while noting that financial education has a crucial role to play in this regard.
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