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Debates
Monday, 15 April 2019 - Strasbourg Revised edition

Cross-border distribution of collective investment undertakings (Directive) - Cross-border distribution of collective investment undertakings (Regulation) (debate)
MPphoto
 

  Valdis Dombrovskis, Vice-President of the Commission. – Madam President, investment funds provide opportunities for European citizens to save for their future. They are also an important tool to channel private savings into the economy and increase funding for European companies.

But today the markets for investment funds are mostly national. For example, 70% of investment funds are sold only in the domestic market. The share of UCITS funds – that is marketed in more than three countries – is relatively low, 37%, and for alternative investment funds the share is even lower, only around 3%. This is partly due to regulatory barriers that hinder cross—border fund distribution.

As part of the capital markets union, the Commission proposed measures to reduce these barriers and improve the functioning of the single market for European investment funds. Our goal is simple. We want managers from anywhere in the EU to be able to easily sell their funds across the EU without compromising on investor protection. We propose to achieve this by reducing administrative burdens and by improving clarity for fund managers who want to market their funds across the EU.

I would like to thank the rapporteur, Mr Wolf Klinz, and the shadow rapporteurs for making efforts to advance the file quickly.

(Interruption due to an interpretation problem)

I would also like to congratulate you for having quickly achieved a political agreement with the Council in trilogue negotiations. The Commission supports the agreement reached. It strikes the right balance between facilitating cross—border distribution of investment funds and ensuring investor protection. I would give you one example of this careful balance. Parliament and the Member States decided to allow managers to promote actively the existing funds to potential new investors without having to comply with all the marketing rules. At the same time, the co-legislators introduced safeguards to ensure sound supervision of these practices and limit the risk of the circumvention of EU rules.

I hope that tomorrow’s vote will confirm this important building block of the capital markets union.

 
Last updated: 8 July 2019Legal notice