Sélecteur de langues
Brussels, 15 October 2007
Internal Market and Services Commissioner Charlie McCreevy said: "Effective private placement arrangements are a common feature of most developed financial systems around the world. Private placement rules allow seasoned market participants to buy and sell financial instruments without the full weight of regulatory burdens that apply when selling to the retail public. In Europe, we have no equivalent. We have a patchwork of national rules which are often mutually incompatible. This call for evidence confirms views of market players that a common understanding could bring benefits to the EU financial markets. But there are still many unanswered questions. We need to do further work on this – also with regulators and investors – to get a better sense of the best way forward."
38 reactions were received – almost exclusively from individual financial institutions (20%) or their respective associations at national (35%), European (40%) or international level. Only two responses were received from national authorities or supervisors. Responses were received from organisations in 11 Member States as well as from EU, US and international organisations.
Problems are particularly acute for (non-harmonised) open-ended investment funds which do not benefit from 'passporting opportunities' provided by the Prospectus Directive to securities and closed-end funds. Most respondents report that these latter arrangements work reasonably well. Many respondents urge the Commission to concentrate on replicating similar arrangements for (non-harmonised) open-ended funds. Any EU level arrangements should complement – but not over-ride or interfere with – more liberal existing EU and national regimes.
Beyond this, there are considerable differences of view on the design of a European private placement regime. Views diverge widely about the definition of eligible investors, the eligibility of third country providers or the types of public offer rules that should be relaxed under such a framework. Public authorities and supervisors have yet to engage with this work in a meaningful way.
The Commission will continue to analyse the scope, costs and benefits of
possible action, and to test possible options with stakeholders. On the basis of
this further work, the Commission will reach a view of whether EU level work on
this topic is warranted and the most promising options for making
The summary document as well as the individual responses, if authorised, can be accessed via the following link: