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Cross-border distribution of investment funds

29-07-2019

Investment funds are products created to pool investors' capital and to invest it in a collective portfolio of securities. The characteristics of a range of different types of investment funds have been established in Union law, and most funds on the market are categorised as one of these types. The market in the EU is smaller than in the United States, despite there being far more funds in the EU. This is why the European Commission put forward two legislative proposals: one for a regulation aligning ...

Investment funds are products created to pool investors' capital and to invest it in a collective portfolio of securities. The characteristics of a range of different types of investment funds have been established in Union law, and most funds on the market are categorised as one of these types. The market in the EU is smaller than in the United States, despite there being far more funds in the EU. This is why the European Commission put forward two legislative proposals: one for a regulation aligning national requirements for marketing funds and regulatory fees and harmonising the process and requirements for the verification of marketing material by national competent authorities, and the other for a directive harmonising the conditions under which investment funds may exit a national market and allowing European asset managers to engage in pre-marketing activities. Parliament and Council approved the texts agreed in trilogue on 16 April and 14 June 2019 respectively. The final acts were published on 12 July 2019. The directive’s provisions shall apply from 2 August 2021, and the regulation’s from August 2019, with some exceptions. Third edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Cross-border distribution of collective investment funds

27-08-2018

The European Commission recently issued a legislative proposal to increase cross-border distribution of investment funds. This briefing provides an initial analysis of the strengths and weaknesses of the impact assessment accompanying the Commission's proposal. Based on both internal and some external sources, as well as several stakeholder consultations, the impact assessment provides useful information, but lacks coherence and transparency. It acknowledges some limitations, citing lack of data ...

The European Commission recently issued a legislative proposal to increase cross-border distribution of investment funds. This briefing provides an initial analysis of the strengths and weaknesses of the impact assessment accompanying the Commission's proposal. Based on both internal and some external sources, as well as several stakeholder consultations, the impact assessment provides useful information, but lacks coherence and transparency. It acknowledges some limitations, citing lack of data and the influence of other factors, which are out of the scope of the impact assessment. The range of proposed policy options is rather limited for some areas. The impact assessment focuses on average cost effects for asset managers (and for competent authorities), without taking into account social or territorial implications and without analysing, for instance, the effects on SMEs or on the EU27 after Brexit.

Common rules on securitisation and European framework for STS securitisation

23-10-2017

Securitisation refers to the process of packaging and converting loans into securities, which can then be sold to investors. In the context of its efforts to build a Capital Markets Union, the Commission has proposed a regulation which lays down common rules on securitisation, and provides a framework for simple, transparent and standardised (STS) securitisations. Parliament is due to vote on the proposal during the October II plenary.

Securitisation refers to the process of packaging and converting loans into securities, which can then be sold to investors. In the context of its efforts to build a Capital Markets Union, the Commission has proposed a regulation which lays down common rules on securitisation, and provides a framework for simple, transparent and standardised (STS) securitisations. Parliament is due to vote on the proposal during the October II plenary.

Money Market Funds: Impact Assessment of Substantive EP Amendments

25-03-2015

This study was requested by the European Parliament's Committee on Economic and Monetary Affairs (ECON), as part of Parliament's general commitment to improving the quality of EU legislation, and in particular its undertaking to carry out impact assessments of its own substantive amendments when it considers it appropriate and necessary for the legislative process. The study concludes that the four substantive amendments in question, which are under consideration in the context of the ECON Committee's ...

This study was requested by the European Parliament's Committee on Economic and Monetary Affairs (ECON), as part of Parliament's general commitment to improving the quality of EU legislation, and in particular its undertaking to carry out impact assessments of its own substantive amendments when it considers it appropriate and necessary for the legislative process. The study concludes that the four substantive amendments in question, which are under consideration in the context of the ECON Committee's draft report on the Commission proposal on Money Market Funds (MMFs), would retain the effect of transforming the considerable majority of the Constant Net Asset Value (CNAV) MMF market in Europe. There would be some, but only limited, take-up of the proposed Retail CNAV or EU Public Debt CNAV Money Market Funds. Most of the funds currently invested in Constant Net Asset Value MMFs would move to either Variable Net Asset Value (VNAV) MMFs or short-term bank deposits. To some extent, the features of Constant Net Asset Value MMFs which are attractive to investors would be duplicated in Variable Net Asset Value MMFs, but, equally,  the same concerns over systemic risk might also be replicated.

Външен автор

This study has been written by European Economic Research Ltd. (T/as Europe Economics) at the request of the Ex-Ante Impact Assessment Unit of the Directorate for Impact Assessment and European Added Value, within the Directorate-General for Parliamentary Research Services (DG EPRS) of the European Parliament.

European long-term investment funds

02-03-2015

Increasing the pool of private capital available in the EU for the financing, mainly in Europe, of both tangible (infrastructure or industrial facilities) and intangible (education, research and development) assets, is vital to promote innovation and competitiveness. The Commission proposes to create a new type of investment vehicle which would invest in asset classes, such as unlisted companies and infrastructure projects. Such 'European long-term investment funds' (ELTIFs) would therefore contribute ...

Increasing the pool of private capital available in the EU for the financing, mainly in Europe, of both tangible (infrastructure or industrial facilities) and intangible (education, research and development) assets, is vital to promote innovation and competitiveness. The Commission proposes to create a new type of investment vehicle which would invest in asset classes, such as unlisted companies and infrastructure projects. Such 'European long-term investment funds' (ELTIFs) would therefore contribute to the financing of the real economy in the EU, and provide private investors with steady and regular returns.

Consumer Protection Aspects of Financial Services

10-02-2014

Inadequate consumer protection, especially in the U.S. mortgage market, not only led to considerable consumer detriment but was a major contributor to the global financial crisis. In the EU, mis-selling of financial products has also resulted in significant consumer harm. Considering the significant potential detriment that financial services can cause to individual consumers and to the Single Market, consumer protection policy needs to properly focus on this area. Improved transparency and better ...

Inadequate consumer protection, especially in the U.S. mortgage market, not only led to considerable consumer detriment but was a major contributor to the global financial crisis. In the EU, mis-selling of financial products has also resulted in significant consumer harm. Considering the significant potential detriment that financial services can cause to individual consumers and to the Single Market, consumer protection policy needs to properly focus on this area. Improved transparency and better informed transactions resulting from such policy will lead to better solutions for consumers and greater market efficiency. A number of recommendations to strengthen consumer protection in the area of financial services are put forward in this study.

Външен автор

Patrice Muller, Shaan Devnani, Richard Heys and James Suter (London Economics)

Hedge Funds - Transparency and Conflict of Interest

19-12-2007

Външен автор

Narayan Naik (Hedge Fund Centre, London UK)

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