Activites

• 2002/02/13 Final act published in Official Journal
  • Directive 2001/107
  • OJ L 041 13.02.2002, p. 0020-0034
• 2002/01/21 Final act signed
• 2002/01/21 End of procedure in Parliament
• #2393
• 2001/12/04 Council Meeting
• 2001/10/23 Decision by Parliament, 2nd reading
  • T5-0541/2001 summary

    The European Parliament approved the resolution drafted by Mr Olle SCHMIDT (ELDR, S). (Please refer to the previous text). Commissioner Fritz BOLKESTEIN stated that he could accept the amendment in a spirit of compromise. He also added that the legislation was broadly supported by financial service industry.�

• 2001/10/22 Debate in Parliament
  • Debate in Parliament
• 2001/10/10 Vote in committee, 2nd reading
  • A5-0324/2001
• 2001/07/05 Committee referral announced in Parliament, 2nd reading
• #2353
• 2001/06/05 Council Meeting
  • 07550/1/2001 summary

    In its common position, the Council has been able to incorporate fully, partly or in essence ten of the European Parliament's thirteen amendments at first reading. In particular, the Council agrees that higher capital requirements for management companies than those originally proposed are necessary. The Parliament's amendment, however, is too burdensome given that the assets of a UCITS engaged only in collective portfolio management must be entrusted to a depositary for safekeeping, and that it mainly operational risks that need to be covered. The Council has therefore struck a different balance between the need to ensure that management companies are adequately funded and the need to avoid placing an unduly heavy burden and unjustified restrictions upon management companies. One of the changes is that initial capital requirement is lowered to 125 000 rather than 150 000. There are further provisions on ongoing capital requirements. The common position concerning prudential rules contains a number of modifications to the Commission's amended proposal. Most of the amendments on delegation are accepted but redrafted. The Council is of the opinion that rules of conduct, which management companies have to observe at all times, should be drawn up in the interest of investors and in order to create a level playing field between management companies and investment companies. It has therefore added a new provision outlining the content of such rules, which are based on the rules of conduct for investment companies set out in the Investment Services Directive. �

• #2329
• 2001/02/12 Council Meeting
  • 2329
• #X012
• 2000/06/05 Council Meeting
• 2000/05/30 Modified legislative proposal published
  • COM(2000)0331 summary

    In the light of developments in the European Parliament and the proceedings of the Council's Working Group, the Commission has drafted an amended proposal, the main amendments being the following: -the inclusion of OTC derivatives as eligible instruments requires reviewing the issue of ongoing capital requirements which were not included in the initial proposal. -the amended proposal raises the initial capital requirement to EUR 125 000. This is consistent with the provisions on capital adequacy for investment firms in Directive 93/06/EEC. -By the same reasoning, the amended proposal introduces further ongoing capital requirements. -on the delegation of management functions, Parliament's amendment intended to limit the application of the provision on delegation solely to the delegation of the core function of investment management. The Commission's amended proposal does not follow this limited approach. The proposed provision still applies to the possible delegation of one or several functions included in the broad activity of collective portfolio management, but the change makes the provision more operational by requiring prior information to the competent authorities only, instead of prior approval.�

  • DG [{'url': 'http://ec.europa.eu/dgs/internal_market/', 'title': 'Internal Market and Services'}],
• 2000/02/17 Debate in Parliament
  • Debate in Parliament
  • T5-0057/2000 summary

    The European Parliament adopted the report (co-decision procedure) by Mr. Olle Schmidt (ELDR, S) on a proposal for a European Parliament and Council directive amending Directive 85/611/EEC on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investments in transferable securities (UCITS). The scope of the Directive would be extended and the necessary conditions for the introduction of a 'European passport' for financial services. The Parliament's amendments seek to strengthen the protection of investors and concern the supervision and the relating to the percentage of investments offered by certain types of placements. One of the amendments adopted seeks to ensure that the new legislation is compatible with the existing Community Directive governing investment services. Several technical amendments were adopted. For example, the Parliament asks that UCITS which has adequate risk management controls may invest in financial derivative instruments, provided the investment in over-the-counter financial derivatives may not result in an overall daily exposure measured by its mark to market value exceeding 30% of its total assets. Another amendment seeks to reduce the maximum amount of an investment in stock indices from 35%, as proposed by the Commission, to 20% in order to limit risk and ensure the respect of the principle of risk-spreading.�

• 2000/01/25 Vote in committee, 1st reading/single reading
  • A5-0025/2000
• #X010
• 1999/05/25 Council Meeting
• 1999/04/21 Vote in committee, 1st reading/single reading
  • A4-0233/1999
• 1998/09/14 Committee referral announced in Parliament, 1st reading/single reading
• 1998/07/17 Legislative proposal published
  • COM(1998)0451 summary

    OBJECTIVE: to amend the UCITS Directive (85/611/EEC) to update the rules on management companies. SUBSTANCE: With the aim of removing existing barriers to free cross-border marketing of units issued by collective investment undertakings (UCITS), the Commission has prepared a package of measures distributed in two separate proposals: one (proposal 1) focussing essentially on the 'product' (the types of investments funds), the other (proposal 2) focussing essentially on the 'service provider' (the management company) and on prospectuses for UCITS. The objective of proposal 2 is to reinforce the Single Market in the field of UCITS by: - updating the regulation for management companies and aligning it with that existing for other operators in the financial services area (banks, investment firms, insurance companies); operators in this sector would receive a European passport, which, in accordance with the principles of the Treaty, would allow them to set up branches in other Member States and to operate within the EU under the freedom to provide services; - revising the current restrictions which prevent management companies from engaging in activities other than the management of assets of common funds/unit trusts and investment companies (collective portfolio management); in the future, such companies will be permitted to provide, in addition to the collective portfolio management, individual portfolio management services (to single private or institutional investors, such as pension funds), as well as some specific non-core activities linked to the core-business; - identifying the functions comprised in the activity of collective portfolio management and defining the conditions under which such functions can be delegated to third parties; - modernising the information documents to be given to investors; the proposal introduces simplified prospectuses. �

  • DG [{'url': 'http://ec.europa.eu/dgs/internal_market/', 'title': 'Internal Market and Services'}],

Documents

• Legislative proposal published: COM(1998)0451
• Committee report tabled for plenary, 1st reading/single reading: A4-0233/1999
• Committee report tabled for plenary, 1st reading/single reading: A5-0025/2000
• Debate in Parliament: Debate in Parliament
• Decision by Parliament, 1st reading/single reading: T5-0057/2000
• Modified legislative proposal published: COM(2000)0331
• Debate in Council: 2329
• Council position published: 07550/1/2001
• Committee recommendation tabled for plenary, 2nd reading: A5-0324/2001
• Debate in Parliament: Debate in Parliament
• Decision by Parliament, 2nd reading: T5-0541/2001
• : Directive 2001/107
• : OJ L 041 13.02.2002, p. 0020-0034

History

(these mark the time of scraping, not the official date of the change)