28th June 2008
APCIMS warns French:
Resist a central European regulator and keep Europe globally competitive
The Association of Private Client Investment Managers and Stockbrokers (APCIMS) welcomed the incoming French Presidency which commences on July 1st, 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 CEO of APCIMS said:
“The private wealth management community has been heavily burdened in recent months by legislation coming out of Europe and the French must resist the introduction of any additional regulatory burdens on the investor community. We are deeply opposed to regulatory centralisation and a single EU regulator.
“We are impressed with the financial programme set out by Christine Lagarde (French Finance Minister) and we support the French Presidency in any proposals to make the Lamfalussy process more effective within the existing structure. We would not support any steps that were effectively a back door to a single European wide regulator.
“We support the existing EU code of conduct for Clearing and Settlement and we want all partners and signatories to strive to ensure its success. Currently there is no case for an additional directive which would do little to reduce transaction costs in the coming years.
“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 proceed preferably with a single management passport for the whole of the EU.
“We urge the French to seek to ensure that the international competiveness of EU financial services is the benchmark against which any legislative initiatives are measured during their presidency.”
- Ends -
Notes to editors:
APCIMS is the trade association of more than 220 firms who, on more than 400 sites across the UK and Ireland, deal in stocks and shares for private investors. Together our aim is to ensure that the regulatory, tax and other changes across Europe bring real benefits to the investment community.
More than 12 million people in the UK currently invest directly in stocks and shares to secure their financial futures.
APCIMS members can guide clients through the world of finance and work to give them the very best return on their investments.
For further information please call:
Dirk Paterson,
Head of Communications, APCIMS
on 020 7247 7080
Mobile: 07507 855 428;
Email: dirkp@apcims.co.uk