natgillin/translations-raw huggingface dataset:
The Commission expects to submit a White Paper on this issue in the autumn of 2006.
The Commission expects to submit a White Paper on this issue in the autumn of 2006.
Interaction with other Directives
Interaction with other Directives
The Directive on markets in financial instruments (MiFID) regulates the operation of UCITS and other asset management products as well as related advisory services.
The Directive on markets in financial instruments (MiFID) regulates the operation of UCITS and other asset management products as well as related advisory services.
The MiFID directive also regulates individual portfolio management whereas the UCITS Directive covers collective portfolio management.
The MiFID directive also regulates individual portfolio management whereas the UCITS Directive covers collective portfolio management.
This means that undertakings carrying out both activities have to comply with two different sets of regulations.
This means that undertakings carrying out both activities have to comply with two different sets of regulations.
Discrepancies between the two directives arise in particular in relation to the distribution of UCITS (marketing, sale, advertising) and the advisory services carried out by UCITS.
Discrepancies between the two directives arise in particular in relation to the distribution of UCITS (marketing, sale, advertising) and the advisory services carried out by UCITS.
The MiFID Directive regulates the acceptance and execution of orders in connection with undertakings for collective investments.
The MiFID Directive regulates the acceptance and execution of orders in connection with undertakings for collective investments.
Under the MiFID rules, the Member States have the option of excluding undertakings for collective investments from the scope of the Directive, provided they ensure regulation at national level.
Under the MiFID rules, the Member States have the option of excluding undertakings for collective investments from the scope of the Directive, provided they ensure regulation at national level.
In the case of advertising, the situation is even more complex because national exemptions were maintained.
In the case of advertising, the situation is even more complex because national exemptions were maintained.
MiFID also failed to lay down rules for the stock market listing and sale to the public of non-harmonised funds, whereas the directives governing UCITS set out clear rules in this area.
MiFID also failed to lay down rules for the stock market listing and sale to the public of non-harmonised funds, whereas the directives governing UCITS set out clear rules in this area.
The body of legislation governing asset management also includes the Directive on electronic commerce (e-commerce) and the Directive on distance marketing of financial services .
The body of legislation governing asset management also includes the Directive on electronic commerce (e-commerce) and the Directive on distance marketing of financial services .
While the e-commerce directive is based on the Member State of origin rules and the principle of mutual recognition, thereby facilitating Internet business without additional requirements, the distance marketing directive covers UCITS as well as investment undertakings that are not structured as UCITS.
While the e-commerce directive is based on the Member State of origin rules and the principle of mutual recognition, thereby facilitating Internet business without additional requirements, the distance marketing directive covers UCITS as well as investment undertakings that are not structured as UCITS.
Investor protection
Investor protection
Investor confidence has fallen considerably over the past ten years, particularly in the United Kingdom and Germany.
Investor confidence has fallen considerably over the past ten years, particularly in the United Kingdom and Germany.
Restoring broken trust, a Pan-European Study, Bank of New York, July 2004.
Restoring broken trust, a Pan-European Study, Bank of New York, July 2004.
A series of measures could restore confidence, for instance more transparency, greater investor education and a uniform and truly simplified prospectus.
A series of measures could restore confidence, for instance more transparency, greater investor education and a uniform and truly simplified prospectus.
Risk management
Risk management
The principle of effective risk management set out in Article 21 of Directive 85/611/EC for UCITS, the techniques and instruments of which have to be authorised by the Member States or by the national supervisory authorities, has been fleshed out by the recommendation on derivatives.
The principle of effective risk management set out in Article 21 of Directive 85/611/EC for UCITS, the techniques and instruments of which have to be authorised by the Member States or by the national supervisory authorities, has been fleshed out by the recommendation on derivatives.
Through this recommendation the Commission made a significant advance towards achieving the objectives of a level playing field for competition and appropriate investor protection.
Through this recommendation the Commission made a significant advance towards achieving the objectives of a level playing field for competition and appropriate investor protection.
Effective risk management is not only of benefit to investors but also to the industry as risk management enhances product performance and attractiveness.
Effective risk management is not only of benefit to investors but also to the industry as risk management enhances product performance and attractiveness.
European passports
European passports
In the case of the product passport , the national supervisory authorities have different interpretations of the range of products covered by the Directive.
In the case of the product passport , the national supervisory authorities have different interpretations of the range of products covered by the Directive.
They also impose very different requirements as regards the notification procedure, both in terms of the information required for the initial notification as well as for the subsequent notification of changes in the fund's composition.
They also impose very different requirements as regards the notification procedure, both in terms of the information required for the initial notification as well as for the subsequent notification of changes in the fund's composition.
Translation requirements, costs and deadlines also vary, which means that the notification procedure has in practice degenerated into a licensing procedure.
Translation requirements, costs and deadlines also vary, which means that the notification procedure has in practice degenerated into a licensing procedure.
In the case of the management company passport , there is still not an adequate legal basis despite the fact that this was mooted in the management company directive and could bring about efficiency gains.
In the case of the management company passport , there is still not an adequate legal basis despite the fact that this was mooted in the management company directive and could bring about efficiency gains.
On the other hand, the industry shows little interest in the depositary passport .
On the other hand, the industry shows little interest in the depositary passport .
In recent years there have been serious problems with back-office activities, such as operating costs and greater operating risks in view of the opportunities for wrongdoing.
In recent years there have been serious problems with back-office activities, such as operating costs and greater operating risks in view of the opportunities for wrongdoing.
The industry has therefore taken its own initiatives to develop a pan-European fund processing passport, in other words a single and completely uniform document with essential information for processing purposes.
The industry has therefore taken its own initiatives to develop a pan-European fund processing passport, in other words a single and completely uniform document with essential information for processing purposes.
Cross-border mergers and pooling
Cross-border mergers and pooling
Despite an increase in cross-border trading, to date only 18% of funds are cross-border.
Despite an increase in cross-border trading, to date only 18% of funds are cross-border.
As a result, there are approximately three times as many funds on the European market as in the United States and the average fund size in the US is approximately five times as large.
As a result, there are approximately three times as many funds on the European market as in the United States and the average fund size in the US is approximately five times as large.
The potential savings from greater consolidation amount to several billion euros a year.
The potential savings from greater consolidation amount to several billion euros a year.
The industry still has potential for consolidation and further growth as markets in the European Union are still not integrated.
The industry still has potential for consolidation and further growth as markets in the European Union are still not integrated.
Source: EFAMA, Fact Book, 2005.
Source: EFAMA, Fact Book, 2005.
Distributors operate at national level.
Distributors operate at national level.
Among the traditional fund providers, banks are the most important distributors, with insurance companies in second place.
Among the traditional fund providers, banks are the most important distributors, with insurance companies in second place.
Independent financial advisers, IFAs, provide the banks with keen competition in the United Kingdom but this is not the case in continental Europe, with the exception of Italy.
Independent financial advisers, IFAs, provide the banks with keen competition in the United Kingdom but this is not the case in continental Europe, with the exception of Italy.
Investment banks are a new entrant to the financial intermediary market.
Investment banks are a new entrant to the financial intermediary market.
They offer structured and alternative products to both distributors and institutional and private investors.
They offer structured and alternative products to both distributors and institutional and private investors.
The distribution of third-party funds has increased significantly in recent years.
The distribution of third-party funds has increased significantly in recent years.
They now make up approximately 21% the European fund industry.
They now make up approximately 21% the European fund industry.
An open architecture is still at an early stage in most EU Member States.
An open architecture is still at an early stage in most EU Member States.
In the choice of products they offer their clients, distributors are guided more by the degree of retrocession than by maximum client benefits.
In the choice of products they offer their clients, distributors are guided more by the degree of retrocession than by maximum client benefits.
Retrocession is the spread of management charges between fund producers and distributors and this should be disclosed to clients in accordance with the MiFID directive.
Retrocession is the spread of management charges between fund producers and distributors and this should be disclosed to clients in accordance with the MiFID directive.
Source: McKinsey & Co Seventh Annual Survey on the profitability of European Asset Management, "Will the Goose Keep Laying Golden Eggs?", October 2005
Source: McKinsey & Co Seventh Annual Survey on the profitability of European Asset Management, "Will the Goose Keep Laying Golden Eggs? ", October 2005
Investment policy
Investment policy
Under Article 19 of consolidated Directive 85/611/EC, the investment policy of UCITS is restricted to certain types of securities, money market instruments, sight deposits, deposits redeemable at notice and derivatives.
Under Article 19 of consolidated Directive 85/611/EC, the investment policy of UCITS is restricted to certain types of securities, money market instruments, sight deposits, deposits redeemable at notice and derivatives.
Changes in the market have not hitherto been taken into account: more and more property funds, funds of hedge funds, private equity funds, certificates and commodities are being issued and the question is increasingly being asked which of them fall within the scope of UCITS and could therefore take advantage of UCITS brand names.
Changes in the market have not hitherto been taken into account: more and more property funds, funds of hedge funds, private equity funds, certificates and commodities are being issued and the question is increasingly being asked which of them fall within the scope of UCITS and could therefore take advantage of UCITS brand names.
Non-UCITS investments
Non-UCITS investments
The non-UCITS industry grew by 9.7% in 2004, with significant expansion in property funds, the assets of hedge funds and the number of funds of hedge funds
The non-UCITS industry grew by 9.7% in 2004, with significant expansion in property funds, the assets of hedge funds and the number of funds of hedge funds
EFAMA Fact Book, 2005, 3rd edition. .
EFAMA Fact Book, 2005, 3rd edition. .
Hedge fund managers are increasingly being regarded as strategic investors.
Hedge fund managers are increasingly being regarded as strategic investors.
Investments in private equity and venture capital funds differ significantly from hedge funds in terms of the way they raise funds and their investment strategies, which tend to be characterised by a long-term approach, low liquidity and sophisticated distribution, as is the case for REIT.
Investments in private equity and venture capital funds differ significantly from hedge funds in terms of the way they raise funds and their investment strategies, which tend to be characterised by a long-term approach, low liquidity and sophisticated distribution, as is the case for REIT.
Despite the pensions directive
Despite the pensions directive
14 of the 25 Member States failed to implement the pensions directive by the deadline of 22 September 2005.
14 of the 25 Member States failed to implement the pensions directive by the deadline of 22 September 2005.
Furthermore, private provision (third pillar) has since grown in importance.
Furthermore, private provision (third pillar) has since grown in importance.
Supervision and Lamfalussy
Supervision and Lamfalussy
The UCITS Directive was not included in the Lamfalussy process.
The UCITS Directive was not included in the Lamfalussy process.
As a result, there is no specific committee on asset management at Level 2 (implementation) or Level 3 (regulatory convergence).
As a result, there is no specific committee on asset management at Level 2 (implementation) or Level 3 (regulatory convergence).
The European Securities Committee (ESC), made up of senior representatives of the national finance ministries and chaired by the Commission, meets for the purposes of implementation; at Level 3 it is the Committee of European Securities Regulators (CESR) that deals with most aspects of asset management.
The European Securities Committee (ESC), made up of senior representatives of the national finance ministries and chaired by the Commission, meets for the purposes of implementation; at Level 3 it is the Committee of European Securities Regulators (CESR) that deals with most aspects of asset management.
As far as pension funds and the investment activities of insurance undertakings are concerned, it is the European Insurance and Occupational Pensions Committee (EIOPC) that is responsible at Level 2 and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) which is responsible for Level 3.
As far as pension funds and the investment activities of insurance undertakings are concerned, it is the European Insurance and Occupational Pensions Committee (EIOPC) that is responsible at Level 2 and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) which is responsible for Level 3.
In order to ensure a flexible legal framework, the review of the UCITS Directive should find a practical solution that allows Lamfalussy principles to be introduced without requiring a radical overhaul of the directive.
In order to ensure a flexible legal framework, the review of the UCITS Directive should find a practical solution that allows Lamfalussy principles to be introduced without requiring a radical overhaul of the directive.
Wolf Klinz 4.7.2005
Wolf Klinz 4.7.2005
Zsolt László Becsey, Pervenche Berès, Sharon Bowles, Udo Bullmann, Ieke van den Burg, David Casa, Jan Christian Ehler, Jonathan Evans, Elisa Ferreira, José Manuel García-Margallo y Marfil, Jean-Paul Gauzès, Robert Goebbels, Gunnar Hökmark, Karsten Friedrich Hoppenstedt, Sophia in 't Veld, Othmar Karas, Piia-Noora Kauppi, Wolf Klinz, Christoph Konrad, Guntars Krasts, Astrid Lulling, Gay Mitchell, Cristobal Montoro Romero, Joseph Muscat, John Purvis, Alexander Radwan, Bernhard Rapkay, Dariusz Rosati, Eoin Ryan, Antolín Sánchez Presedo, Manuel António dos Santos, Margarita Starkevičiūtė, Ivo Strejček
Zsolt László Becsey, Pervenche Berès, Sharon Bowles, Udo Bullmann, Ieke van den Burg, David Casa, Jan Christian Ehler, Jonathan Evans, Elisa Ferreira, José Manuel García-Margallo y Marfil, Jean-Paul Gauzès, Robert Goebbels, Gunnar Hökmark, Karsten Friedrich Hoppenstedt, Sophia in 't Veld, Othmar Karas, Piia-Noora Kauppi, Wolf Klinz, Christoph Konrad, Guntars Krasts, Astrid Lulling, Gay Mitchell, Cristobal Montoro Romero, Joseph Muscat, John Purvis, Alexander Radwan, Bernhard Rapkay, Dariusz Rosati, Eoin Ryan, Antolín Sánchez Presedo, Manuel António dos Santos, Margarita Starkevičiūtė, Ivo Strejček
Poznámky (k dispozici jen v jednom jazyce)
Comments (available in one language only)
PE 365.103v03-00
PE 365.103v02-00
STANOVISKO Rozpočtového výboru .......................................................................17
OPINION of the Committee on Budgets .................................................................19
STANOVISKO Výboru pro průmysl, výzkum a energetiku ...........................26
OPINION of the Committee on Industry, Research and Energy ...............28
– s ohledem na návrh Komise předložený Evropskému parlamentu a Radě ( KOM(2005)0377 )
– having regard to the Commission proposal to the European Parliament and the Council ( COM(2005)0377 )
– s ohledem na zprávu Výboru pro vnitřní trh a ochranu spotřebitelů a stanovisko Rozpočtového výboru a Výboru pro průmysl, výzkum a energetiku ( A6‑0107/2006 ),
– having regard to the report of the Committee on the Internal Market and Consumer Protection and the opinions of the Committee on Budgets and the Committee on Industry, Research and Energy ( A6‑0107/2006 ),
Evropská normalizace představuje dobrovolnou činnost, kterou vyvíjejí ve vlastním zájmu zúčastněné strany, které si přejí vytvořit normy a jiné produkty normalizace v reakci na své potřeby.
European standardisation is a voluntary activity performed by and on behalf of parties interested in establishing standards and other standardisation products in response to their needs.
Tyto produkty normalizace vytváří Evropský výbor pro normalizaci (CEN), Evropský výbor pro normalizaci v elektrotechnice (CENELEC) a Evropský institut pro normalizaci v telekomunikacích (ETSI), orgány uvedené v příloze I směrnice Evropského parlamentu a Rady 98/34/ES ze dne 22. června 1998 o postupu při poskytování informací v oblasti norem a technických předpisů a předpisů pro služby informační společnosti, dále jen „evropské normalizační orgány“.
These standardisation products are drawn up by CEN - Comité Européen de Normalisation (European Committee for Standardisation), CENELEC - Comité Européen de Normalisation Electrotechnique (European Committee for Electrotechnical Standardisation) and ETSI - European Telecommunications Standards Institute, bodies listed in Annex I to Directive 98/34/EC of the European Parliament and of the Council of 22 June 1998 laying down a procedure for the provision of information in the field of technical standards and regulations and of rules on Information Society services 13 , hereinafter called European standards organisations.
(Netýká se českého znění.)
(Does not affect English version.)
(3) Společenství se musí na financování evropské normalizace podílet vzhledem k významné roli, kterou tato normalizace hraje při podpoře svých právních předpisů a politik.
(3) It is necessary for the Community to contribute to the financing of European standardisation in view of the latter’s important role in supporting its legislation and policies.
Evropská normalizace na jedné straně přispívá k fungování a k upevnění vnitřního trhu, a to především díky takzvaným směrnicím „nového přístupu“ v oblasti zdraví, bezpečnosti, ochrany životního prostředí a spotřebitelů či zajištění interoperability v odvětvích, jako je doprava.
On the one hand, European standardisation contributes to the functioning and strengthening of the internal market, thanks especially to the "New Approach" Directives in the fields of health, safety, environmental and consumer protection or to ensure interoperability in fields such as transport.
Na druhé straně evropská normalizace umožňuje zlepšit konkurenceschopnost firem, a to zejména tím, že usnadňuje volný pohyb výrobků a služeb, interoperabilitu sítí a komunikačních prostředků, technologický rozvoj a inovaci v činnostech, jako jsou informační technologie.
On the other hand, European standardisation makes it possible to boost the competitiveness of firms by facilitating in particular the free movement of products and services, network interoperability, means of communication, technological development and innovation in activities such as information technology.
Je tudíž vhodné zahrnout do tohoto rozhodnutí také financování činností evropské normalizace v oblasti informačních technologií a telekomunikací, které upravuje mimo jiné rozhodnutí Rady 87/95/EHS ze dne 22. prosince 1986 o normalizaci v oblasti informačních technologií a telekomunikací 15 .
It is therefore a good idea to include in this Decision the financing of European standardisation activities in the field of information technologies and telecommunications which is also governed, in particular, by Council Decision 87/95/EEC of 22 December 1986 on standardisation in the field of information technology and telecommunications 15 .
(3) Společenství se musí na financování evropské normalizace podílet vzhledem k užitečné roli, kterou tato normalizace hraje při podpoře svých právních předpisů a politik.
(3) It is necessary for the Community to contribute to the financing of European standardisation in view of the latter’s useful role in supporting its legislation and policies.
Na druhé straně evropská normalizace pomáhá zlepšit konkurenceschopnost firem, a to zejména tím, že usnadňuje volný pohyb výrobků a služeb, interoperabilitu sítí a komunikačních prostředků, technologický rozvoj a inovaci v činnostech, jako jsou informační technologie.
On the other hand, European standardisation helps to boost the competitiveness of firms by facilitating in particular the free movement of products and services, network interoperability, means of communication, technological development and innovation in activities such as information technology.
Nejen evropské normy, ale i mezinárodní a jiné normy posilují vnitřní trh a zajišťují vývoj a zavádění nových technologií ve výše uvedených oblastech.
Apart from European standards, international and other standards as well strengthen the internal market and ensure the development and take-up of new technologies in the fields mentioned above.
Například WC3 je široce uznávanou mezinárodní normou pro zpřístupňování obsahu webových stránek zdravotně postiženým uživatelům Internetu.
For example, W3C is a widely recognised international standard for making web pages accessible to disabled users of the Internet.
(4a ) Je nutné dbát na to, aby MSP, zejména malé podniky, mikropodniky a podniky věnující se řemeslné výrobě mohly účinně využívat evropské normy.
(4a) It is necessary to ensure that SME, particularly small, micro and craft enterprises, are effectively able to apply European standards.