27 April 2006

ECON adopted report on Asset Management

Parliaments’ ECON Committee adopted by large majority the report of Mr Klinz on Asset Management calling for clarification and consolidation of the EU’s legislative framework for the asset management industry.

The report says the interaction between the UCITS directive, MiFID and its level 2 measures and the E-commerce directive leaves undesirable scope for interpretation. It calls on the Commission, CESR and CEIOPS to ensure a high level of transparency and management of conflicts of interests, notification requirements and thus equal treatment between UCITS and competing products.

The report makes recommendations on a range of issues: investor information and protection, risk management, European passports, management company and depository passports, fund processing standardisation, cross-border consolidation, distribution structures, investment policy, non-UCITS investments, supervision issues and the Lamfalussy process.

Report

© European Parliament