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Investment funds play a key role in the European capital markets union, helping investors to allocate their capital efficiently. We assessed the suitability of the regulatory framework, the EU’s efforts to create similar and effective supervision in all Member States as well as its investor protection and financial stability work.
We found that EU actions have enabled a single market for investment funds, but have not yet achieved the desired outcomes, as true cross-border activities and benefits for investors remain limited. The consistency and effectiveness of fund supervision and investor protection is insufficient. We recommend an overhaul of the legal framework, more effective convergence work, better investor protection and a streamlined reporting framework.
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