Mr Lueder was keen to emphasise a shift in focus for the incoming Commission. “There is a new team of commissioners coming in, and the portfolio set-up has been organised in line with the focus on jobs and growth,” he said.
He cited the reporting requirements in the AIFM Directive as one result of that tendency in asset management. “We have seen the peak in that, and that there will be a new focus on the internal market,” he said. “We can see that with the way the European Commission’s structure has been reformed, and the capital markets union was added to Lord Hill’s portfolio for that very reason.”
The favoured structure would see Chinese investors obtain a domestic investor quota to convert part of their renminbi holdings into the investment currency of a UCITS – the opposite of the QFII arrangements, which involve foreign investors getting a quota for investment in China. In terms of the types of products Chinese investors will look for, Lueder reported a lot of interest in the use of UCITS to liberalise and increase convertibility of the renminbi.“UCITS is the model we could build on for capital markets union, for raising capital in multiple jurisdictions – not just throughout the EU, but worldwide.” He added that the liquidity afforded by UCITS was an advantage for these kinds of investment.
Full article (IPE subscription required)
© IPE International Publishers Ltd.
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article