Private Client Association warns French to resist further legislation
The Association of Private Client Investment Managers and Stockbrokers said they welcome the incoming French Presidency but issued a warning to the French that they must resist any pressure to create a European regulator and ensure markets remain attractive to investors.
David Bennett, the chief executive of APCIMS said: “The private wealth management community has been heavily burdened in recent months by European legislation and the French must resist the introduction of additional regulatory burdens on the retail investment firms' community. We are deeply opposed to regulatory centralisation and a single EU regulator."
He said the association is impressed with the financial programme set out by Christine Lagarde, the French Finance Minister, and supports the French Presidency in proposals to make the Lamfalussy process more effective within the existing structure. The APCIMS welcomes steps to strengthen consistency of supervision within Member States through improved cooperation between national regulatory authorities in the form of colleges.
The APCIMS supports the existing EU code of conduct for Clearing and Settlement but believes there is no case for an additional directive which would do little to reduce transaction costs in the coming years.
Bennett said: “The imbroglio between the Commissioner and the majority of member states over UCITS IV needs to be resolved. After five years consultation and preparatory work this legislation should be delivered with a single management company passport for the whole of the EU.
“We urge the French to seek to ensure that the global competitiveness of EU financial services is the benchmark against which any legislative initiatives are measured during their presidency.”
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