ICI Global Members
Europe Regulatory and Policy CommitteeSUBJECTS:International/GlobalRE:ICI Response to European Commission on Single Market Strategy 2025
On January 30, ICI submitted a response to the European Commission's call for evidence on single market strategy for 2025.
In our response, we note that the efficient flow of capital across the EU is essential for realising the Commissions vision of a unified single market. Central to this objective is the cross-border provision of asset management services and investment products such as UCITS.
We recommend that the Single Market Strategy for 2025 include a targeted focus on improving the regulatory ecosystem for the asset management industry in order to benefit long-term individual investors and to foster greater economic growth across the EU. This work should be grounded in the following four principles:
- Fulfill Commission President Ursula von der Leyen's mandate to reduce reporting obligations by 25%, and 35% for SMEs, and apply this mandate to the asset management regulatory regime;
- Ensure that financial services legislation is guided by a foundational objective to strike the appropriate balance between fostering economic growth and safeguarding investor protection;
- Support coordinated implementation, supervision and enforcement among national competent authorities, with the ultimate goal of eliminating fragmentation among Member States; and
- Advance the Savings and Investments Union (SIU) through global market integration.
Elizabeth Lance
Assistant Chief Counsel
ICI Global