EFAMA urges EC to remove regulatory barriers

10 July 2006

EFAMA welcomes the report of the Commission’s Expert Group on the efficiency of the European fund industry, and the need to modify the current UCITS Directive. In particular, it supports the Experts’ opinion that transforming the UCITS Directive into a full Lamfalussy-style Directive can also be undertaken in a separate step. However, if an agreement could be reached in this way, a comprehensive review of the Directive should at least be considered in order to develop an efficient regulatory framework for investment funds.

“We welcome the practical solutions for removing existing legal and regulatory inefficiencies and barriers without touching the core principles of the UCITS Directive particularly with regard to investor protection”, says Stefan Bichsel, President of EFAMA.

“In view of the degree of urgency, we would like to remind the Commission and CESR that a number of improvements could even be achieved without having to resort to a modification of the Directive. “

The Commission has organised an open hearing on the views of the Group in Brussels on July 19.

Press release

© EFAMA - European Fund and Asset Management Association