07/12/2005 (Agence Europe) - The European Commission wants to create two investment fund advisory groups and calls on European trade associations to nominate candidates by 30 December 2005. The European Commission has adopted decisions which pave the way for the creation of two advisory groups in the field of investment funds. The first group will provide commercial insights on ways in which the functioning of the single market for investment funds might be improved. The second will bring together industry experts to examine the development of alternative investment business in Europe (private equity, hedge funds). T he creation of these groups was foreseen by the Commission Green Paper on enhancing the EU framework for investment funds (see EUROPE 8991). The Commission will decide on the final composition of the advisory groups in January 2006. The expert groups' reports are due to be published in mid-2006. Internal Market and Services Commissioner Charlie McCreevy said: “We want to maximize the benefits of the Single Market for the investment fund industry. Responses to the Green Paper demonstrate a widespread desire for improvements. Now we must try to find cost effective solutions and signal the way forward in a White Paper in autumn '06. I want people who have had practical, front-line, profit generating responsibility for investment funds to participate in the advisory groups, and to help us deliver cost effective solutions. Once finalised the advisory groups' reports will be exposed to scrutiny by all stakeholders.”