EP Committee vote on Asset Management

21 March 2006

The European Parliament's ECON Committee adopted the own initiative report of rapporteur Mr Klinz on Asset Management. The report calls for a review of the UCITS Directive stating that there is a need to go further and to modify the existing directives in some areas, particularly with regard to the simplified prospectus, notification procedure, abolishment of tax barriers for cross-border mergers and pooling.

The report recommends as a practical solution that legislative amendments should be Lamfalussy compliant. The report also calls for further clarification with regard to the interaction with other directives, particularly the MiFID directive and its Level 2 measures.

The report also points out the differences between the regulation of UCITS and other investment products and 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.

Report
Compromise amendments

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