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White paper

16.11.2006 - White Paper on Enhancing the Single Market Framework for Investment Funds

The Commission has developed the White Paper on the basis of extensive consultation and debate with consumers, industry practitioners and policymakers over a period of two years. It builds on responses to the Green Paper of July 2005 , and on three reports from specially constituted expert groups (see below).

Commission statementpdf Choose translations of the previous link  (08.05.2007)

Commission sets out vision for modernising EU investment fund market (16.11.2006)

Background documents:

Public consultation and Expert Group Reports

16.11.2006 - Public Consultation on Expert Group Reports

Feedback statement to the responses on the Expert Group Reportspdf

The comments to the Expert Group Reports can be accessed via the following link.

Background documents: Expert Group Report


19.07.2006 - Open Hearing on Expert Group Reports

The Commission organised an Open Hearing on 19 July 2006. The objective of this hearing was to have a preliminary exchange of views on the industry EG reports on retail investment funds market efficiency, hedge funds and private equity funds.

The reports provided a useful and challenging new perspectives on how to strengthen the single market framework for these different business segments. The Open Hearing served as a first opportunity to gather reactions to these reports from interested stakeholders, including the European Parliament, representatives from Member State authorities, investors, etc.

Presentations and/or speeches made by the speakers


04.07.2006 - Expert Group reports on market efficiency and alternative investments and related documents

In January 2006, the European Commission appointed experts to two groups on investment fund market efficiency and alternative investments. The experts were charged with analysing ways in which the European environment for their sector could be improved. The groups met on a regular basis over the period February-June. The reports presenting the analysis and related recommendations of the expert groups are accessible below.

31.01.2006 - Creation of the two Expert Groups

The Green Paper on the enhancement of the EU framework for investment funds provides for the creation of two expert groups, one on market efficiency and the other on alternative investment funds.

Expert Group on Investment Fund Market Efficiency:

Expert Group on Alternative Investment Funds:

Green paper

12.07.2005 - Green Paper on the enhancement of the EU framework for investment funds

Public Consultation on the Green Paper

The public consultation on the Green Paper was closed on 15.11.2005.

The UCITS Review Open Hearing

As part of the Commission's consultation on the "enhancement for the EU framework for investment funds", (COM (2005)314), the European Commission hosted an Open Hearing in Brussels on 13th October 2005. The Open Hearing brought together investors, industry players, consumer representatives and policy makers to stimulate debate on whether the Commission has set the right priorities in the Green Paper, thus helping to shape the direction of future EU level work in this field.

Background documents