• Private Placement Workshops
• Expert Group on Open Ended Real Estate Funds
• Expert Group reports on market efficiency and alternative investments and related doucments
• Simplified Prospectus Workshops
• Key investor information (KII) workshop
• Externally contracted studies
• Useful Links

15.01.2008 & 07.02.2008

Summary report of workshops

Expert Group on Open Ended Real Estate Funds

The European Commission has published an industry report analysing cross border market access barriers for nationally regulated open ended real estate funds. The report was prepared by the expert group on open ended real estate funds. This group was announced in the Commission's White Paper on the enhancement of the EU framework for investment funds. The report will be publicly debated at an open hearing in Brussels on 8 April 2008.

• Press release (13.03.2008)
• FAQs
• Report , Annexes

Commission appoints members of expert group on open-ended real estate funds (14.06.2007)

• Press Release
• Composition of the group

Background information on the creation of the expert group on real estate funds (02.04.2007)

The White Paper on the enhancement of the EU framework for investment funds provides for the creation of an expert group on open ended real estate funds. The group's task will be to advise the Commission on the risk and performance characteristics of open-ended real estate funds, and to:

• Describe the European market for real estate funds, including open-ended funds;
• Analyse the existing or likely future demand for providing open-ended real estate funds across borders;
• Examine the barriers to cross-border development of open-ended real estate funds;
• Evaluate existing national regulatory (including tax) approaches to open-ended real estate funds.

The expert group will produce a report at the start of 2008 that will provide important input to policy reflection and serve as a starting point for debate and discussion with Member State authorities and other stakeholders.

• Press Release
• Call for expression of interest
• Terms of Reference
• Commission Decision
• Meeting dates

Expert Group reports on market efficiency and alternative investments and related doucments

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.

• Press Release (04.07.2006)
• Overview of Reports
• Frequently asked questions
• Reports
  Reproduction is authorised provided the source is acknowledged
  • Expert group on Investment Fund Market Efficiency
    • Report
    • Annexes
  • Expert group on Alternative Investment Funds:
    • Sub group on Private Equity funds
    • Sub group on Hedge Funds

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.

• Press Release (31.01.2006)
• List of eligible nominating associations

Expert Group on Investment Fund Market Efficiency:

• Terms of Reference
• Commission Decision
• Composition of the group

Expert Group on Alternative Investment Funds:

• Terms of Reference
• Commission Decision
• Composition of the groups:
  • Sub group on Private Equity funds
  • Sub group on Hedge Funds

Simplified prospectus workshops

Key investor information (KII) workshop (20.10.2008)

• Summary
• Executive summary of the Report
• Materials tested

Externally contracted studies

Announcements

• Publication of call for tender (22.11.2008)

The European Commission has published a call for tender to analyse the economics and the regulatory background of private placement as well as to examine in detail obstacles to private placement across borders within the EU and the (additional) costs caused by this. . The time-limit for receipt of tenders is 31.01.2009. For details on the call see the contract notice.

Published studies

• Study on "investment funds in the European Union: comparative analysis of use of investment powers, investment outcomes and related risk features in both UCITS and non-harmonised markets
  • Study (PDF - 2MB)
  • Annex

  The study surveys the investment outcomes (performance and related risks) of UCITS and non-UCITS funds over the five past years. It examines new risks associated with new investments possibilities and techniques and how managers control these risks.
   

  • Press Release (12.02.2008)
   
• Potential cost savings in a fully integrated European investment fund market 

Member States Annex 

This study presents a comparative analysis of the main sources of cost in the investment fund value-chain in 10 Member States. It assesses the potential for scale and efficiency savings.

• Current trends in the European Asset Management Industry

Lot 1 of the study provides a comprehensive database with time series and up-to-date data on recent developments and the current situation in European fund markets. 
Lot 2 documents some of the main structural trends which are transforming European fund markets – notably, moves towards more open distribution systems, greater functional specialisation, increased industry concentration, and the 'push' and 'pull' factors driving the growth of new products. 

Useful Links

• CESR expert group on investment management www.cesr-eu.org
• IOSCO www.iosco.org