DG MARKT: open hearing on retail investment products
15 July 2008
The Commission organised an Open Hearing on Retail Investment Products in Brussels on 15th July. The hearing brought together senior policy makers, industry experts and consumer representatives to discuss a topic that has attracted increasing political attention in recent months, namely the evolving market for retail investment products and whether the current fragmented regulatory framework provides a sound basis for ensuring that investors receive the information and the quality of service they need to make appropriate investment decisions.
In his concluding remarks, Thierry FRANCQ (French Treasury), representing the FrenchPresidency, stressed that the issues at stake areimportant and that risks to retail investors cannot beunderestimated. He saw a need for EU levelengagement with these issues for three reasons:
i) the lack of coherence between various European directives for financial services;
ii) convergence of national markets towards a single market for retail investment products;
iii) the many national public initiatives that we witnessed.
He argued, therefore, that we should build on the five principles outlined by the Commissioner to ensure that they are respected across the full range of product frameworks. However, he saw that the most recent pieces of legislation needed time to be bedded down before considering any modifications. Any amendments to existing rules would have to be prepared and scheduled in a clear and transparent way.
© European Commission
