Memo #
29749

Draft ICI Global Response - EU Commission Green Paper on Retail Financial Services - Member Input Requested by Friday 11 March 2016
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[29749]

 

March 4, 2016

TO:

EQUITY MARKETS ADVISORY COMMITTEE No. 7-16
FIXED-INCOME ADVISORY COMMITTEE No. 7-16
ICI GLOBAL CAPITAL MARKETS UNION TASK FORCE
ICI GLOBAL REGULATED FUNDS COMMITTEE No. 16-16
ICI GLOBAL RETIREMENT SAVINGS COMMITTEE
ICI GLOBAL STEERING COMMITTEE No. 5-16
ICI GLOBAL TAX COMMITTEE No. 5-16
ICI GLOBAL TRADING & MARKETS COMMITTEE No. 7-16
INTERNATIONAL COMMITTEE No. 16-16
INTERNATIONAL OPERATIONS ADVISORY COMMITTEE No. 6-16

RE:

DRAFT ICI GLOBAL RESPONSE - EU COMMISSION GREEN PAPER ON RETAIL FINANCIAL SERVICES - MEMBER INPUT REQUESTED BY FRIDAY 11 MARCH 2016

 

As previously advised, [1] the European Commission (“the Commission”) published a Green Paper on Retail Financial Services (“the Green Paper”) on 10 December 2015. [2]

A draft response to the Green Paper is attached for your review. Please provide comments on the draft response to Giles Swan (+44 207 961 0832 or giles.swan@iciglobal.org) by close of business on Friday 11 March 2016.

In the draft response we make a number of recommendations including:

  • Removing impediments and barriers on cross-border UCITS that are imposed by Member States;
  • Developing a harmonised pan-EU UCITS marketing regime;
  • Prioritising the creation of a pan-EU personal pension product (PEPP);
  • Effecting tax changes, to achieve tax neutrality and enhanced tax relief for cross-border funds;
  • Developing regulatory approaches to accommodate and encourage digitalisation, including the electronic delivery of information to fund investors;
  • Converging KYC requirements, including supporting the use of electronic identity verification, and facilitating cross-border data sharing between distributors and funds;

Comments are due to the Commission by 18 March 2016 via an online questionnaire. [3]

 

Giles Swan
Director of Global Funds Policy - ICI Global

 

Attachment (in .pdf format)

 

endnotes

[1]  Memo 29541, dated 14 December 2015, European Commission Green Paper on Retail Financial Services, available from https://www.iciglobal.org/portal/site/ICI/menuitem.9ad35c6866c5fcca09ce3110b52001ca/?vgnextoid=28f2268cc9c81510VgnVCM100000650210acRCRD&vgnextchannel=4d1b1e9fd9c3b410VgnVCM1000001c0210acRCRD&vgnextfmt=global

[2]  Green Paper on Retail Financial Services: Better products, more choice, and greater opportunities for consumers and businesses, European Commission, 10 December 2015, available from http://ec.europa.eu/transparency/regdoc/rep/1/2015/EN/1-2015-630-EN-F1-1.PDF

[3] https://ec.europa.eu/eusurvey/runner/retail-financial-services-2015?surveylanguage=en