EUROPEAN INVESTMENT FUNDS: THE UCITS DIRECTIVE OF 1985 AND THE OBJECTIVES OF THE PROPOSAL FOR A UCITS II DIRECTIVE
| Pages | 150-156 |
| DOI | https://doi.org/10.1108/eb024877 |
| Date | 01 February 1996 |
| Published date | 01 February 1996 |
| Author | DANIELE CIANI |
| Subject Matter | Accounting & finance |
EUROPEAN INVESTMENT FUNDS:
THE
UCITS DIRECTIVE
OF 1985 AND THE OBJECTIVES
OF
THE PROPOSAL FOR
A
UCITS
II
DIRECTIVE
Received: 23rd January,
1996
DANIELE CIANI
DANIELE CIANI
HOLDS A DEGREE IN ECONOMICS AND A
MASTERS IN BANKING ECONOMICS. SINCE
1987
HE HAS BEEN AN OFFICIAL OF THE
BANK OF ITALY. THE COUNTRY'S CENTRAL
BANK, DEALING WITH PAYMENT SYSTEMS
AND INTERBANK MARKETS AND DOING
ECONOMIC RESEARCH ON BANKING ISSUES.
IN
1993, HE WAS DETACHED AT THE
EUROPEAN
COMMISSION
IN
BRUSSEI.S,
AS
A
NATIONAL
EXPERT
OF DG
XV, INTERNAL
MARKET
AND
FINANCIAL
SERVICES,
STOCK
EXCHANGES
AND SECURITIES DIVISION.
HE
HAS
RECENTLY
WORKED
ON THE EUROPEAN
REGULATION
OF
FINANCIAL
MARKETS
(MAINLY
SUPERVISION
AND CAPITAL
ADEQUACY)
AND
IS
AN EXPERT
ON THE
INVESTMENT
FUND INDUSTRY AND
REGULATION.
HE
MAY BE CONTACTED
AT
BANCA
DTTALIA, VIA MILANO
64,
00184
ROMA,
ITALY. TEL.
+39
6
4792
5991,
FAX.
+39
6
4792
5922.
ABSTRACT
The European single
market,
as
laid
down
in the
Treaty
of
Rome
of 1958,
aims
at the
suppression
of
the concept
of
national residence
as far as
economic
relationships
are
concerned.
In
the field
of financial
services,
the
creation
of
the
single
market
is
based
on the fundamental
principles
of
mutual recognition
and
minimum
harmonisation.
The
setting
up
of
such
a
market allows
all financial insti-
tutions
to
operate under the freedom
of
establishment
and to
provide services
cross-border,
benefiting from
the
'Euro-
pean
passport'.
The
responsibility
of
the
supervision
of
the
institution
is
attributed
to the
home country
authorities.
Directive
611/85/EEC
covers
the
mar-
ket of
professional management
of
invest-
ment funds (UCITS), which collect
savings
from
a
multitude of
investors
and
invest
in
transferable
securities.
The
direc-
tive allows
the
marketing
of
units
of
UCITS,
as
long as
a
wide set of pruden-
tial
restrictions
is
fulfilled.
At the end of
1994, UCITS
in
Europe were
6,818,
of
which around
32 per
cent has
been
com-
mercialised
cross-border.
In 1994, the
European
Commission
presented
a new
proposal
to
amend
the
UCITS directive,
widening
its
scope
and
introducing
several important
modifications.
150
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