BETA


2006/2037(INI) Report on asset management

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON KLINZ Wolf (icon: ALDE ALDE)
Lead committee dossier:
Legal Basis:
RoP 54

Events

2006/07/31
   EC - Commission response to text adopted in plenary
Documents
2006/05/11
   EC - Commission response to text adopted in plenary
Documents
2006/04/27
   EP - Results of vote in Parliament
2006/04/27
   EP - Decision by Parliament
Details

The European Parliament adopted a resolution based on the own-initiative report drafted by on asset management drawn up by Wolf KLINZ (ALDE, DE) in response to the Commission's Green Paper on the enhancement of the EU framework for investment funds. Parliament stated that the primary objectives of asset management regulations were to protect investors, to diversify the financing of the economy, and to create a level playing field within the internal market. The European asset management industry was still fragmented in size in comparison with that of the US and, therefore, action at European level was needed to boost economic efficiency,

Parliament felt that the interaction between the Directive 85/611/EEC on UCITS, MiFID and its Level 2 measures, and the Directive 2000/31/EC on electronic commerce, leave undesirable scope for interpretation and required clarification and consolidation. It drew attention to differences between the regulation of UCITS and other investment products and called on the Commission, CESR and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) to ensure a high standard of transparency, management of conflicts of interests, notification requirements, and thus of equal treatment between UCITS and competing products.

T he changes introduced by Directives 2001/107/EC and 2001/108/EC (UCITS III) had not yet been exhausted. The transposition and interpretation of these Directives should be closely monitored. Parliament felt that there was a need to modify in some areas the Directive 85/611/EEC as amended by UCITS III. These modifications concern the following: a simplified prospectus, a modification of the notification procedure, the abolition of tax barriers for cross-border mergers and pooling and, if appropriate, the adaptation of eligible assets to market developments.

Parliament proposed that the simplified prospectus - in the spirit of the European Federation of Investment Funds and Companies (FEFSI) proposal of October 2003 - should take the form of a fact sheet to give investors transparency and provide them with a harmonised pan-European document setting out brief, standardised, understandable, and comparable information, on two to three pages. This document should be offered to the investor before conclusion of the contract. Parliament asked the Commission to propose amendments to Directive 85/611/EEC on the content of the simplified prospectus for the purpose of establishing binding EC legislation on a fully harmonised simplified prospectus.

The report went on to make recommendations on a range of issues: investor information and protection, risk management, European product passports, management company and depository passports, fund processing standardisation, cross-border consolidation, distribution structures, investment policy, non-UCITS investments, supervision issues and the Lamfalussy process.

Documents
2006/04/27
   EP - End of procedure in Parliament
2006/04/26
   EP - Debate in Parliament
2006/03/27
   EP - Committee report tabled for plenary, single reading
Documents
2006/03/27
   EP - Committee report tabled for plenary
Documents
2006/03/21
   EP - Vote in committee
Details

The committee adopted the own-initiative report on asset management drawn up by Wolf KLINZ (ALDE, DE) in response to the Commission's Green Paper on the enhancement of the EU framework for investment funds.

The report said that the interaction between the UCITS (undertakings for collective investment in transferable securities) directive, the MiFID (markets in financial instruments) directive and its level 2 measures and the E-commerce directive left "undesirable scope for interpretation" and that the legislative framework required clarification and consolidation. MEPs called on the Commission and the other EU bodies involved (CESR and CEIOPS) to ensure "a high level of transparency and management of conflicts of interests, notification requirements and thus equal treatment between UCITS and competing products".

The report went on to make recommendations on a range of issues: investor information and protection, risk management, European product passports, management company and depository passports, fund processing standardisation, cross-border consolidation, distribution structures, investment policy, non-UCITS investments, supervision issues and the Lamfalussy process.

2006/02/24
   EP - Amendments tabled in committee
Documents
2006/02/16
   EP - Committee referral announced in Parliament
2006/01/10
   EP - Committee draft report
Documents
2005/07/04
   EP - KLINZ Wolf (ALDE) appointed as rapporteur in ECON

Documents

Activities

History

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

docs/0/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE367.703
New
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date
2006-04-27T00:00:00
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summary
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EP
docs
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summary
procedure/legal_basis/0
Rules of Procedure EP 54
procedure/legal_basis/0
Rules of Procedure EP 052
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
rapporteur
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committees/0
type
Responsible Committee
body
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committee
ECON
date
2005-07-04T00:00:00
rapporteur
name: KLINZ Wolf group: Alliance of Liberals and Democrats for Europe abbr: ALDE
docs/2/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-106&language=EN
New
http://www.europarl.europa.eu/doceo/document/A-6-2006-0106_EN.html
docs/3/body
EC
docs/4/body
EC
events/2/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-106&language=EN
New
http://www.europarl.europa.eu/doceo/document/A-6-2006-0106_EN.html
events/5/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2006-181
New
http://www.europarl.europa.eu/doceo/document/TA-6-2006-0181_EN.html
activities
  • date: 2006-02-16T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee: ECON date: 2005-07-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: ALDE name: KLINZ Wolf
  • date: 2006-03-21T00:00:00 body: EP committees: body: EP responsible: True committee: ECON date: 2005-07-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: ALDE name: KLINZ Wolf type: Vote in committee, 1st reading/single reading
  • date: 2006-03-27T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-106&language=EN type: Committee report tabled for plenary, single reading title: A6-0106/2006 body: EP type: Committee report tabled for plenary, single reading
  • date: 2006-04-26T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20060426&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2006-04-27T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=4618&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2006-181 type: Decision by Parliament, 1st reading/single reading title: T6-0181/2006 body: EP type: Results of vote in Parliament
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
date
2005-07-04T00:00:00
rapporteur
name: KLINZ Wolf group: Alliance of Liberals and Democrats for Europe abbr: ALDE
committees/0
body
EP
responsible
True
committee
ECON
date
2005-07-04T00:00:00
committee_full
Economic and Monetary Affairs
rapporteur
group: ALDE name: KLINZ Wolf
docs
  • date: 2006-01-10T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE367.703 title: PE367.703 type: Committee draft report body: EP
  • date: 2006-02-24T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE370.123 title: PE370.123 type: Amendments tabled in committee body: EP
  • date: 2006-03-27T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-106&language=EN title: A6-0106/2006 type: Committee report tabled for plenary, single reading body: EP
  • date: 2006-05-11T00:00:00 docs: url: /oeil/spdoc.do?i=4618&j=1&l=en title: SP(2006)2095 type: Commission response to text adopted in plenary
  • date: 2006-07-31T00:00:00 docs: url: /oeil/spdoc.do?i=4618&j=0&l=en title: SP(2006)2906 type: Commission response to text adopted in plenary
events
  • date: 2006-02-16T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2006-03-21T00:00:00 type: Vote in committee, 1st reading/single reading body: EP summary: The committee adopted the own-initiative report on asset management drawn up by Wolf KLINZ (ALDE, DE) in response to the Commission's Green Paper on the enhancement of the EU framework for investment funds. The report said that the interaction between the UCITS (undertakings for collective investment in transferable securities) directive, the MiFID (markets in financial instruments) directive and its level 2 measures and the E-commerce directive left "undesirable scope for interpretation" and that the legislative framework required clarification and consolidation. MEPs called on the Commission and the other EU bodies involved (CESR and CEIOPS) to ensure "a high level of transparency and management of conflicts of interests, notification requirements and thus equal treatment between UCITS and competing products". The report went on to make recommendations on a range of issues: investor information and protection, risk management, European product passports, management company and depository passports, fund processing standardisation, cross-border consolidation, distribution structures, investment policy, non-UCITS investments, supervision issues and the Lamfalussy process.
  • date: 2006-03-27T00:00:00 type: Committee report tabled for plenary, single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-106&language=EN title: A6-0106/2006
  • date: 2006-04-26T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20060426&type=CRE title: Debate in Parliament
  • date: 2006-04-27T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=4618&l=en title: Results of vote in Parliament
  • date: 2006-04-27T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2006-181 title: T6-0181/2006 summary: The European Parliament adopted a resolution based on the own-initiative report drafted by on asset management drawn up by Wolf KLINZ (ALDE, DE) in response to the Commission's Green Paper on the enhancement of the EU framework for investment funds. Parliament stated that the primary objectives of asset management regulations were to protect investors, to diversify the financing of the economy, and to create a level playing field within the internal market. The European asset management industry was still fragmented in size in comparison with that of the US and, therefore, action at European level was needed to boost economic efficiency, Parliament felt that the interaction between the Directive 85/611/EEC on UCITS, MiFID and its Level 2 measures, and the Directive 2000/31/EC on electronic commerce, leave undesirable scope for interpretation and required clarification and consolidation. It drew attention to differences between the regulation of UCITS and other investment products and called on the Commission, CESR and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) to ensure a high standard of transparency, management of conflicts of interests, notification requirements, and thus of equal treatment between UCITS and competing products. T he changes introduced by Directives 2001/107/EC and 2001/108/EC (UCITS III) had not yet been exhausted. The transposition and interpretation of these Directives should be closely monitored. Parliament felt that there was a need to modify in some areas the Directive 85/611/EEC as amended by UCITS III. These modifications concern the following: a simplified prospectus, a modification of the notification procedure, the abolition of tax barriers for cross-border mergers and pooling and, if appropriate, the adaptation of eligible assets to market developments. Parliament proposed that the simplified prospectus - in the spirit of the European Federation of Investment Funds and Companies (FEFSI) proposal of October 2003 - should take the form of a fact sheet to give investors transparency and provide them with a harmonised pan-European document setting out brief, standardised, understandable, and comparable information, on two to three pages. This document should be offered to the investor before conclusion of the contract. Parliament asked the Commission to propose amendments to Directive 85/611/EEC on the content of the simplified prospectus for the purpose of establishing binding EC legislation on a fully harmonised simplified prospectus. The report went on to make recommendations on a range of issues: investor information and protection, risk management, European product passports, management company and depository passports, fund processing standardisation, cross-border consolidation, distribution structures, investment policy, non-UCITS investments, supervision issues and the Lamfalussy process.
  • date: 2006-04-27T00:00:00 type: End of procedure in Parliament body: EP
links
other
    procedure/dossier_of_the_committee
    Old
    ECON/6/29594
    New
    • ECON/6/29594
    procedure/legal_basis/0
    Rules of Procedure EP 052
    procedure/legal_basis/0
    Rules of Procedure of the European Parliament EP 052
    procedure/subject
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    • 2.50.02 Savings
    • 2.50.04 Banks and credit
    New
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    Savings
    2.50.04
    Banks and credit
    activities
    • date: 2006-02-16T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee: ECON date: 2005-07-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: ALDE name: KLINZ Wolf
    • date: 2006-03-21T00:00:00 body: EP committees: body: EP responsible: True committee: ECON date: 2005-07-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: ALDE name: KLINZ Wolf type: Vote in committee, 1st reading/single reading
    • date: 2006-03-27T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-106&language=EN type: Committee report tabled for plenary, single reading title: A6-0106/2006 body: EP type: Committee report tabled for plenary, single reading
    • date: 2006-04-26T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20060426&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
    • date: 2006-04-27T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=4618&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2006-181 type: Decision by Parliament, 1st reading/single reading title: T6-0181/2006 body: EP type: Results of vote in Parliament
    committees
    • body: EP responsible: True committee: ECON date: 2005-07-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: ALDE name: KLINZ Wolf
    links
    other
      procedure
      dossier_of_the_committee
      ECON/6/29594
      reference
      2006/2037(INI)
      title
      Report on asset management
      legal_basis
      Rules of Procedure of the European Parliament EP 052
      stage_reached
      Procedure completed
      subtype
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      type
      INI - Own-initiative procedure
      subject