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He shortly described the Commission’s initial views on how best to give effect to the objectives laid out in the White Paper published last November and which are under public consultation until June.
“One new area is whether there is a need to provide single market solutions for some/all non-harmonised funds”, the Commissioner said. “Do we mean cross-border access to the mass market for some non-harmonised products? Or arrangements to allow private placement of funds and other instruments with sophisticated investors.”
McCreevy was concerned about the Member States' performance when they transpose European legislation. He underlined that gold plating cannot be accepted and called Member States to cut back their regulatory activities. “These supplementary provisions generate a major obstacle for the functioning of the pan-European integrated market”, he said.