The European Commission has published three industry reports that analyse the main challenges facing different segments of the EU investment fund industry, focusing respectively on retail investment funds (UCITS), hedge funds and private equity.
The reports were prepared by the expert groups on investment fund market efficiency and alternative investments, and are a follow-up action to the Green Paper on the enhancement of the EU framework for investment funds and long-term savings vehicles.
Members of the two expert groups were appointed by the Commission earlier this year. The first group is focusing on market efficiency, while the second group is examining alternative investments.
According to the EC, the report on investment fund market efficiency "provides fresh ideas and operational suggestions" on how efficiency improvements can be delivered. Several of these would require "carefully targeted" amendments to the UCITS Directive, the EC said. The report calls on the EU to deliver these improvements within three years.
Meanwhile, the report on hedge funds identifies a number of alternative approaches to make hedge funds available to different categories of investor without the need for new legislation. This report also stresses the need to remove barriers to investment in hedge funds by institutional investors and to cross-border provision of essential support services to hedge fund managers.
Finally, the report on private equity funds urges member states to use the various tax and regulatory powers at their disposal to improve the private equity environment, and identifies EU-level improvements that could facilitate cross-border investment and capital-raising by private equity funds.
"I am pleased to present these expert group reports, which give us a coal-face perspective on the issues at EU level that could be holding the industry back," commented Internal Market Commissioner Charlie McCreevy.
"We will look carefully at the recommendations so that we can respond in a way that will keep the fund industry growing. Now we need to hear other stakeholders' views," he added.
The EC says the reports will be discussed with Member States and regulatory bodies, and will be debated at an open hearing in Brussels on 19 July 2006
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