| Author (Corporate) | European Commission: Press and Communication Service |
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| Series Title | Press Release |
| Series Details | IP/01/345 (12.3.01) |
| Publication Date | 12/03/2001 |
| Content Type | News |
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The European Commission welcomed the political agreement reached on 12 March 2001 by the Council of Economics and Finance Ministers on the proposed Directive updating legislation on companies managing collective investment undertakings (UCITS). UCITS (such as common funds, unit trusts and SICAVs), where investors' money is placed by a qualified fund manager in a diverse range of assets according to defined risk criteria, enable private investors with limited resources to invest in financial markets. They constitute a major market sector, with assets of more than €3.5 trillion at the end of 2000. The agreed proposal is to be applied jointly with another proposed Directive, on which Council reached political agreement 17 October 2000. The latter aims at removing barriers to cross-border marketing of units of collective investment undertakings by widening the range of assets in which they can invest. Both proposals form part of the Financial Services Action Plan which aims to build a single European financial market by 2005 (see IP/00/556) and was strongly endorsed at the Lisbon European Council. They are based on the twin amended proposals the European Commission adopted in May 2000 (see IP/00/567), which take into account the European Parliament's February 2000 Opinion. The Council now has to adopt a common position on each of the UCITS proposals and is expected to put them forward to the European Parliament by mid- spring. |
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| Source Link | Link to Main Source http://europa.eu/rapid/pressReleasesAction.do?reference=IP/01/345&format=HTML&rapid=0&language=EN&guiLanguage=en |
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| Subject Categories | Internal Markets |
| Countries / Regions | Europe |
