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The Commission published a summary of responses received to the call for evidence regarding the functioning in EU Member States of private placement regimes. Problems are particularly acute for non-harmonised open-ended investment funds which do not benefit from 'passporting opportunities' provided by the Prospectus Directive to securities and closed-end funds. The arrangements established under the Prospectus Directive work well for securities and closed-end funds. Therefore, many respondents suggest that these arrangements should be extended to non-harmonised open-ended funds – such as institutional funds and hedge funds.
There are considerable differences of view on the design of a European private placement regime. Views diverge widely about the definition of eligible investors, the eligibility of third country providers or the types of public offer rules that should be relaxed under such a framework.
The Commission's assessment on the need and potential options for a European private placement regime is scheduled for spring 2008.