The Commission has published an industry report analysing the EU market for open-ended real estate funds, which provide investors with access to professionally managed investments in commercial and other types of property.
The report on open-ended real estate funds calls for the introduction of EU legislative arrangements to provide cross-border retail distribution of open-ended real estate funds.
The report concludes that the high level of similarity between the national rules represents a strong basis on which to harmonise rules around a common set of EU regulatory provisions. The Group expresses frustration that it is practically impossible to offer nationally regulated open-ended real estate funds to foreign retail investors on a cross-border basis.
The report recommends that EU legislation is required to overcome EU market access barriers. It presents a set of key features which could be used as the regulatory template for competitive investment products incorporating high levels of investor protection safeguards.
An open hearing will be held in Brussels on 8 April 2008.
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