The European Commission has published the record of the open hearing on retail investment products held on 15 July 2008 in Brussels.
At the start of the hearing Charlie McCreevy (European Commissioner for the Internal Market and Services) explained that different types of investment product, including structured securities, investment funds, unit-linked life insurance policies and structured term deposits are currently subject to different disclosure and distribution rules under European law. He urged for coherence between these sectoral frameworks, in particular by ensuring that a set of fundamental principles are respected in each case.
There then followed the first panel discussion which was led by Peter de Proft (EFAMA). In this discussion the development of retail investment markets and risks to investors was considered.
The second panel discussion was led by Carlo Comporti (CESR) and covered the adequacy of existing rules and self-regulatory initiatives.
The afternoon session began with a presentation from Theodor Kockelkoren (AFM) on the challenges faced by the Dutch regulator in the area of retail investment products and the steps it has taken to enhance investor protection.
The final panel discussion was led by David Wright (DG MARKT) on whether existing EU level arrangements are fit for purpose or in need of improvement.
View Speech by Charlie McCreevy - Open hearing on retail investment products, 15 July 2008