European Commission Consultation on the Cross-Border Distribution of Funds Across the EU

[29975]

June 10, 2016

TO: EQUITY MARKETS ADVISORY COMMITTEE No. 18-16
FIXED-INCOME ADVISORY COMMITTEE No. 17-16
ICI GLOBAL CAPITAL MARKETS UNION TASK FORCE
ICI GLOBAL EXCHANGE TRADED FUNDS COMMITTEE No. 3-16
ICI GLOBAL REGULATED FUNDS COMMITTEE No. 39-16
ICI GLOBAL STEERING COMMITTEE No. 12-16
ICI GLOBAL TAX COMMITTEE No. 10-16
ICI GLOBAL TRADING & MARKETS COMMITTEE No. 27-16
INTERNATIONAL COMMITTEE No. 33-16
INTERNATIONAL OPERATIONS ADVISORY COMMITTEE No. 15-16
INTERNATIONAL OPERATIONS WORKING GROUP RE: EUROPEAN COMMISSION CONSULTATION ON THE CROSS-BORDER DISTRIBUTION OF FUNDS ACROSS THE EU

 

On 2 June 2016, the European Commission (“the Commission”) published a consultation paper (CP) [1] to gather details and evidence on how barriers to the cross-border distribution of funds in the European Union (EU) could be lifted. The CP (summarised in the annex to this memo) forms part of the Commission’s action plan for the Capital Markets Union (CMU) initiative. [2]

Responses to the CP need to be submitted by 2 October 2016, via an online questionnaire. [3] The Commission will use the responses to inform the next stage of its work under the CMU Action Plan. This will include the publication of a report on barriers to the free movement of capital and national barriers to the cross-border distribution of funds, by a Member State Expert Group at the end 2016.

ICI Global intends to respond to the CP. A member call to discuss the CP has been scheduled for Thursday 23 June 2016 at 10.30am EDT/3.30pm BST. Dial-in details for the call are below.

Dial-in numbers:

US: 1 415 363 0833

UK: 0844 4 73 73 73

Other Numbers: http://www.powwownow.co.uk/Conference-Call/International-Number-Rates

PIN: 491937

Please advise Lesley Dunn on +44 207 961 0830 or at lesley.dunn@iciglobal.org if you wish to join the call, or if you require any further information.

 

Giles Swan
Director of Global Funds Policy - ICI Global

Attachment

endnotes

[1] Consultation Document: CMU Action on Cross-Border Distribution of Funds (UCITS, AIF, ELTIF, EUVECA and EUSEF) across the EU, 2 June 2016, available from http://ec.europa.eu/finance/consultations/2016/cross-borders-investment-funds/docs/consultation-document_en.pdf

[2] Memo 29392, Re: European Commission Action Plan – Building a Capital Markets Union, dated 1 October 2015, available from https://www.iciglobal.org/portal/site/ICI/menuitem.9ad35c6866c5fcca09ce3110b52001ca/?vgnextoid=665a266116420510VgnVCM100000650210acRCRD&vgnextchannel=4d1b1e9fd9c3b410VgnVCM1000001c0210acRCRD&vgnextfmt=global

[3] https://ec.europa.eu/eusurvey/runner/cross-borders-investment-funds-2016?surveylanguage=en