CEPS Task Force Report:
Pan-European Asset Management
Authors: Karel Lannoo & Mattias Levin
This new CEPS report analyses the asset management industry in the EU and the consistency of the different regulatory regimes governing it. It concludes there is no need for a horizontal asset management directive to supersede the current directives, but that priority should be given to focus on “level 2 and 3” issues, this is to ensure uniform implementation and a harmonised approach in secondary legislation and in supervisory practices in the member states. The key outstanding issue on which policy makers should focus is taxation. The wide difference in tax regimes increases the cost of asset management and reduces returns to investors. Further convergence is therefore needed in the way member states tax fund management and a consensus should be reached on how to tax non-residents’ savings income.
2nd meeting: 26 Feb 2002
3rd meeting: 11 Jun 2002
4th meeting: 17 Sept 2002