Brussels, 02/03/2001 (Agence Europe) - On Thursday, Coreper adopted the Swedish Presidency compromise on the draft directive on investment funds that aims to adapt the 1985 directive that governs the operation of these funds to the new market situation, by increasing the level of consumer protection, and, thereby, confidence in financial products. The agreement, adopted through a qualified majority (Luxembourg voted against and Denmark abstained) puts an end to several months of debates on the minimum capitalisation of these funds, stipulating that they will have to have 125,000 euro in initial capital and 0.02% of funds under management if these exceed 250 million euro. Discussions set one group of States that wanted a less high requirement in capital (Luxembourg, United Kingdom, Ireland, Denmark, the Netherlands) against the others, in favour of a more robust regime. The text also introduces a "European passport" providing investment funds with the right to practice their business in other Member States. The directive will be adopted, without debate, by the EcoFin Council of 12 March.