Wednesday, 09 April 2014 11:51
WMA expecting victory on European investment regulation campaign
The Wealth Management Association's believes its long European campaign to secure freedoms for individual investors is set to end in victory.
The European Parliament may adopt changes next week to its comprehensive regulation on investment products.
EU representatives have approved last-minute amendments to the Packaged Retail and Insurance-Based Investment Products (PRIIPS) Regulation which will ensure retail investors can trade stocks, shares and other investments in real time without any delays which might have disadvantaged them.
The new regulation is now expected to win approval at the last session of this European Parliament, which meets next Tuesday.
As originally drafted, the PRIIPS Regulation would have required retail investors to return signed Key Information Documents for each investment before trades took place. The result could have been an end to real-time share dealing in listed funds in the UK.
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WMA chief executive Dr Tim May said: "This is a welcome recognition from the EU's policymakers that consumer protection doesn't have to come at a cost to consumer choice.
"We worked long and hard during this parliament to ensure legislators properly recognised the needs of the UK's investors.
"Our investing culture is virtually unique in the EU: on the continent, individuals are largely content to invest in a limited range of products through banks.
"But through a long campaign supported by UK MEPs and officials, we were able to secure the vital clauses which enable UK investors to continue to enjoy their freedom to invest as they choose."
He added: "The lesson is that common sense, properly presented, can prevail."
The European Parliament may adopt changes next week to its comprehensive regulation on investment products.
EU representatives have approved last-minute amendments to the Packaged Retail and Insurance-Based Investment Products (PRIIPS) Regulation which will ensure retail investors can trade stocks, shares and other investments in real time without any delays which might have disadvantaged them.
The new regulation is now expected to win approval at the last session of this European Parliament, which meets next Tuesday.
As originally drafted, the PRIIPS Regulation would have required retail investors to return signed Key Information Documents for each investment before trades took place. The result could have been an end to real-time share dealing in listed funds in the UK.
{desktop}{/desktop}{mobile}{/mobile}
WMA chief executive Dr Tim May said: "This is a welcome recognition from the EU's policymakers that consumer protection doesn't have to come at a cost to consumer choice.
"We worked long and hard during this parliament to ensure legislators properly recognised the needs of the UK's investors.
"Our investing culture is virtually unique in the EU: on the continent, individuals are largely content to invest in a limited range of products through banks.
"But through a long campaign supported by UK MEPs and officials, we were able to secure the vital clauses which enable UK investors to continue to enjoy their freedom to invest as they choose."
He added: "The lesson is that common sense, properly presented, can prevail."
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