EFAMA welcomes the Export Group Report and calls for legislative action by the Commission to put the proposals into effect. However, EFAMA does not share the Expert Group’s opinion that Open-Ended Real Estate Funds should be included in the UCITS Directive.
“EFAMA agrees with the Experts that an EU passport is needed to offer greater choice to investors across the EU”, says Mathias Bauer, President of EFAMA.
EFAMA welcomes the Group’s proposal to model the future EU framework as far as possible on existing national regimes, while offering the high investor protection standards of the UCITS Directive.
“EFAMA strongly favours the development of an EU framework for Open-Ended Real Estate Funds and, at a later stage, for other non-harmonised funds, but without jeopardizing the UCITS brand, which has already gained high recognition among regulators and is crucial for distribution outside Europe”, says Peter De Proft, EFAMA’s Director General.
© EFAMA - European Fund and Asset Management Association
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