Brussels, 05/02/2014 (Agence Europe) - On Tuesday 4 February, representatives of the European Parliament and Greek Presidency failed to reach agreement on the draft update of the European rules governing harmonised investment funds (UCITS).
The EU Council of Ministers is very keen on sanctions, and the EP on remuneration, explained a close source, adding that the disagreements did not run very deep. The next inter-institutional talks will take place on Wednesday 26 February, where agreement might be reached.
On remuneration, the two institutions have not yet found common ground on the percentage of variable pay that must be taken as UCITS shares. The EP is calling for 50% (see EUROPE 10880) and wants protection to be introduced for whistleblowers, along with greater powers for the European Security Markets Authority (ESMA).
The Council of Ministers refuses to go along with the idea of a fund manager being penalised by having to pay a fine of up to 10% of turnover (for a company), arguing that this would be too high, and suggesting a fixed fine be set instead. (MB/transl.fl)