EUROPE: Speech by Charlie McCreevy

Thursday October 13 2005

The full text of the speech, given at the Commission Hearing on Investment Funds (UCITS) in Brussels on 13 October 2005, can be viewed at the above link. In the speech, Charlie McCreevy stated that: `This is an industry with a lot to be confident about. However, European fund managers will need to be on their toes if they are to compete successfully against new products. Against tougher global competition. The industry cannot afford to be held back by fragmented markets or outdated regulation. Nor can it afford to be burdened with the costs of a raft of new legislation unless the realistically assessed benefits that flow from it demonstrably exceed the costs of implementing it. Our Green Paper is about providing a regulatory environment which allows this business to grow itself on a pan-European basis. So that it can play its full part in meeting the bigger challenges facing the European economy.`

He went on to address the following issues:

* The short term agenda – fixing the UCITS passport

* Rising to new challenges

* We must put investors back in the driving seat

* We cannot turn back the tide of financial innovation

* We must help the funds industry to help itself

* We dont need to fix things that aren `t broken

* We must open doors for fund managers

* Where next

The full text of the speech can be viewed at the above link.