Text tabled : A6-0497/2008

  Avril Doyle (PPE-DE), in writing. − The legislative regime for pan-European investment funds, Undertakings for Collective Investment in Transferable Securities (UCITS), has been subject to a considerable review. These are formed of collective investment schemes, which, having obtained an authorisation in a Member State, are able to use this ‘passport’ across the Union without the need for further examination. In these times of generalised financial insecurity, the regulation of financial dealings must be fairly and consistently applied to bolster confidence in the sector.

Wolf Klinz’s report proposes the introduction of ‘passports’ for management companies (MC) which are engaged by UCITS fund promoters. This proposal allows for the cross-border management of funds without the current requisite for fully functioning management companies being set up. It is vital that sufficient fund managers are available to maintain a proper watch on MC passports.

Mr Klinz has presented a compromise document that I can support.