Brussels, 02/06/2016 (Agence Europe) - The Commission is seeking feedback on how to reinforce the European passport enjoyed by investment fund managers operating on a cross-border basis. This market has evolved and now represents €13 billion, according to the Commission, but there are still a great many barriers.
“At the moment, smaller fund managers are telling us they face challenges when trying to sell their products in different countries”, the European Commissioner for Financial Stability, Financial Services and Capital Markets Union, Jonathan Hill, explained at the launch of the public consultation on Thursday 2 June.
The public consultation would like comments on several aspects. Firstly, on the different national requirements funds must comply with, which can generate significant costs. Secondly, on the distribution costs and regulatory charges, which vary enormously in level and calculation method between the member states. The Commission will also be seeking feedback on the distribution networks (online and direct) and on the processes for notification to the national authorities when a fund is active on a cross-border basis, which it feels can be expensive and slow. Finally, the Commission will also look at the differences in taxation treatment, which can be a barrier. Interested parties' comments are invited until 2 October. (Original version in French by Elodie Lamer)