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23 december 2007

FBF supports revision of UCITS directive

The UCITS directive must be reformed to ensure the effective integration of European financial markets.


After over two years of consultation, the European Commission will be issuing concrete proposals in early 2008 to improve the effi ciency of investment funds in the EU and promote their cross-border expansion.

On 13 December 2007, the European Parliament also adopted European deputy Wolf Klinz's report on strengthening the internal market for asset management.

The FBF favours a revision of the European regulatory framework for investment funds, since the UCITS directive has a direct impact on such bank activities as asset management, fund distribution, custodial and depository services.

French bankers feel that the following key areas should be given special attention :

  • To be effective, a European passport for investment funds and asset management fi rms must ensure a high degree of savings protection ;
  • Given the essential role the supervisory function of depositories plays in investor protection, their roles and responsibilities must be harmonised to enable truly effective cross-border mergers of investment funds ;
  • However, the FBF does not believe that further regulation of investment fund distribution is necessary, since the MIFiD directive that came into effect last November sufficiently covers this area.

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