Capital Markets Union: Commission welcomes progress on key initiatives
The Commission welcomes the progress made by Member States yesterday on two important files, which will contribute to drive forward the Capital Markets Union (CMU).
The Council of the European Union reached an agreement on the cross-border distribution of investment funds package and the pan-European personal pension product (PEPP). This provides the Council Presidency with the mandate to start trilogues negotiations with the European Parliament. The investment funds package contributes to further reducing barriers to the cross-border distribution of funds by improving the transparency of marketing rules and regulatory fees, and by harmonising national practises. The proposal on personal pensions will give European consumers more choice when saving for retirement. PEPP savers should benefit from EU-wide portability, transparency of costs and the possibility to switch providers. Commission Vice-President Valdis Dombrovskis, responsible for Financial Stability, Financial Services and Capital Markets Union, said: “I welcome the progress made on these key consumer and investor proposals – they mark an important milestone in building the Capital Markets Union. We need to knock down barriers to cross-border investment to strengthen the Single Market. This will ultimately benefit consumers by boosting choice and competition. On PEPP, it is important to preserve the pan-European nature of our proposal. I trust the negotiations will uphold the key features of these Commission proposals.”