The Economic and Monetary Affairs Committee (ECON) in the EP has voted by a large majority in favour of the proposed EVCF and ESEF Regulations. ECON made some changes to the European Commission's proposals, including:
- to ensure that neither EVCF nor their beneficiaries are established in tax havens;
- to discourage speculative investment in EVCF so managers can take a long-term view;
- to enable non-professional investors to invest in ESEF via UCITS without lowering the minimum investment threshold; and
- to require both types of fund to appoint depositaries.
EP will now start negotiations with the Member States. The indicative plenary dates for voting on the proposals have been amended to 11 September. (Source:EP Votes Through Funds Proposals)