EUROPE - The Forum of European Asset Managers (FEAM) has called on the European Commission to remove single market barriers in the asset management industry.
FEAM made the recommendations in response to the EC’s green paper on the enhancements of the EU framework for investment funds, which looked at ways of addressing obstacles to the efficient functioning of the UCITS Directive.
Nicolas Moreau, FEAM management committee chairman, said: “The Green Paper touches directly or indirectly on the major challenges facing the pan-European asset management industry today: growing cross-border fund business, improving the UCITS framework, increasing the global competitiveness of the European industry and tackling the European pensions time-bomb. “Europe’s consumers need to save for retirement, and should be given the necessary tools. These include access to a broad range of good investment products, and the information needed to make an informed choice between them.”
An effective single market and common standards of product disclosure, would create the right conditions for them to do so, he added. FEAM also made various other recommendations to the EC, such as the addressing shortcomings in the workings of the current UCITS directive that do not require legislative change in order to deliver benefits within a short timescale.
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