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Europaudvalget 2006-07
2798 - Økofin Bilag 2
Offentligt

11. maj 2007

6. kontor, MIJ

Referat af Rådsmødet (ECOFIN) den 8. maj 2007

Kommissionens foreløbige forslag til EU’s budget

for 2008

Dagsordenspunkt:

Kommissionen fremlagde sit foreløbige forslag til EU’s budget for 2008. Kom-

missionen foreslår et budget på €129,2 mia. (1,03 pct. af BNI) i forpligtelsesbevil-

linger, hvilket er en stigning på 2 pct. i forhold til 2007. I betalingsbevillinger er

det foreslåede budget på €121,6 mia. (0,97 pct. af BNI), svarende til en vækst på

5,3 pct. i forhold til 2007.

Rådet ventes at have 1. læsning af budgetforslaget den 13. juli 2007 og 2. læsning

den 23. november 2007. Budgettet for 2008 forventes endeligt vedtaget i decem-

ber 2007.

Dagsordenspunkt:

Hedgefonde

Rådet nåede til enighed om rådskonklusioner (jf.

vedlagte bilag),

som bl.a. anerken-

der hedgefondenes bidrag til fremme af effektive internationale finansielle marke-

der og opfordrer investorer, kreditorer og nationale tilsyn til at undersøge hedge-

fondenes betydning for finansielle stabilitet nærmere, herunder fondenes potenti-

elle systemiske og operative risici.

Dagsordenspunkt:

Hvidbog om forbedring af EU’s indre marked – regu-

leringen af investeringsfonde

Rådet vedtog rådskonklusioner (se

vedlagte bilag),

som på baggrund af Kommissio-

nens hvidbog om regulering af investeringsfonde, vurderer, at der på nuværende

tidspunkt ikke er behov for en gennemgribende revision af EU-reguleringen af

investeringsfonde. Forbedringer af EU’s indre marked for investeringsfonde vur-

deres at kunne gennemføres med justeringer af det gældende regelsæt.

Dagsordenspunkt:

Aldring og finansielle markeder

Rådet vedtog rådskonklusioner (jf.

vedlagte bilag),

som i lyset af den aldrende be-

folkning i EU, bl.a. opfordrer medlemslandene og den finansielle sektor til i højere

grad, at oplyse kommende pensionister om vigtigheden af tilstrækkelig pensions-

opsparing. Desuden opfordres den finansielle sektor til at øge udbuddet af pensi-

onsprodukter og til at styrke rådgivningen om disse ofte komplicerede produkter.

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Dagsordenspunkt:

Lamfalussy-processen

Kommissionen orienterede Rådet om de foreløbige erfaringer med Lamfalussy-

processen og anbefalinger til forbedring af denne. Den endelige evaluering af

Lamfalussy-processen ventes, på baggrund af den endelige rapport fra Kommissi-

onen, gennemført i 2. halvår 2007.

Diverse:

I margin af mødet gennemførtes en drøftelse med de tre kandidatlande Kroatien,

Tyrkiet og den Tidligere Jugoslaviske Republik Makedonien, om disse landes før-

tiltrædelsesprogrammer.

Desuden havde ministrene, med udgangspunkt i Kommissionens forårsprognose,

en drøftelse af den økonomiske situation i EU og formanden for eurogruppen

afrapporterede fra gruppens møde den 7. maj 2007.

Endelig havde ministrene en drøftelse under frokosten af Kommissionens forslag

til et bilbeskatningsdirektiv.

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Bilag:

Rådskonklusioner om hedge fonde

"The Council:

–

EMPHASISES the importance it attaches to an integrated, dynamic

and competitive financial marketplace in supporting growth and job

creation through proper allocation of capital, including via hedge

funds, and financial stability;

ACKNOWLEDGES that hedge funds have contributed significantly

to fostering the efficiency of the financial system, but also STRESSES

the potential systemic and operational risks associated with their

activities,

NOTES that the so-called 'INDIRECT supervision' approach, through

close supervisory monitoring of credit institutions' exposures to hedge

funds and progress in upgrading their internal risk management

systems, has so far enhanced resilience to systemic shocks; and

RECALLS the need for creditors, investors and authorities to remain

vigilant and to adequately assess the potential risks that hedge funds

present. In this context creditors and investors should also examine

whether the current level of transparency of hedge funds' activities is

appropriate. In the exercise of their 'indirect supervision', relevant

supervisory authorities should monitor developments and cooperate

among themselves;

STRESSES the need for a better understanding of hedge funds

characteristics for proper monitoring of the financial stability impact

of hedge funds' activities, and therefore ENCOURAGES all relevant

institutions to develop and apply an analytical and evidence-based

approach in this area;

NOTES that concerns have been expressed regarding increased retail

distribution of hedge fund products in some Member States and

RECOGNISES the need to ensure adequate investor protection;

INVITES therefore the Commission to take all relevant regulatory and

market developments into account, in assessing the case for and

against providing a Single Market framework for the retail-oriented

non-harmonised fund industry, which might include some funds of

hedge funds; and LOOKS FORWARD to the Commission's report

thereon."

–

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Rådskonklusioner om hvidbog om forbedring af EU’s indre marked - reguler-

ingen af investeringsfonde

"The Council:

–

WELCOMES the Commission’s White Paper on enhancing the Single

Market Framework for Investment Funds;

SHARES the views expressed by the Commission on the strategic

importance of investment fund investments for European households,

including for retirement savings, and RECALLS its conclusions of

June 2004 identifying the UCITS Directive as an area of particular

importance for financial integration;

AGREES with the view of the Commission that, for harmonised

investment funds (UCITS), the best approach at this stage consists in

targeted amendments to the UCITS Directives, and INVITES the

Commission to present the announced amendments, for examination

by Council and Parliament, as soon as possible, bearing in mind the

need for proper impact assessment and consultation;

STRESSES the need to ensure, in the context of retail distribution of,

and advice on, UCITS, that all steps are taken by the Commission and

the Member States in enforcing the conduct of business rules provided

for in the Markets in Financial Instruments Directive (MiFID), and

that the cost reductions expected from further integration of the

European fund market are adequately passed on to retail investors; and

also STRESSES the need for clearly ensuring the coherence of

application of the MiFID and the UCITS Directives;

LOOKS FORWARD to the Commission's assessment of the case for

EU action in the area of private placement, expected in autumn 2007;

NOTES that the Commission is equally undertaking a broad

examination of the cross-border distribution potential of various types

of non-harmonised funds (such as e.g. funds of hedge funds, open-

ended real estate funds, …), taking account of relevant national

experiences, and LOOKS FORWARD to its Report on possible

single-market solutions for the retail-oriented non-harmonised fund

industry, expected by mid-2008;

SUPPORTS the work of CESR in both the UCITS and non-UCITS

fields and STRESSES the importance of its making full use of the su-

pervisory tools mentioned in the FSC Report on financial supervision

also in these fields,

INVITES the Commission to review the consistency of EU legislation

regarding the different types of retail investment products (such as

–

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unit-linked life insurance, investment funds, certain structured notes

and certificates), so as to ensure a coherent approach to investor pro-

tection and to avoid any misselling possibilities."

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Rådskonklusioner om aldring og finansielle markeder

"The Council:

–

RECALLS the conclusions of the European Council of 23-24 March

2006, in particular where the Council noted that "Preparing for ageing

populations and the ambition to reap the full benefits of globalisation

will be the two main drivers for structural reforms" and that "Further

comprehensive reforms are needed in many Member States to

improve the sustainability of their welfare systems, and meet the

economic and budgetary consequences of ageing";

RECALLS the Council (ECOFIN) conclusions of 5 May 2006,

whereby it stressed "the need to boost the efficiency of pan-European

markets for long-term savings products as well as the importance of

fostering financial education and awareness of consumers in Member

States" and invited the FSC to "examine the policy issues related to

ageing and financial markets";

ENDORSES the Report on the implications of ageing for financial

markets, elaborated by the FSC according to that mandate, and

STRESSES in particular the following points for further monitoring

and action by Member States, which are invited i.a. to:

Develop or strengthen adequate statistical tools to better monitor the

composition of households' portfolios and changes in households' risk

profiles;

Significantly step up their efforts to raise households' awareness on

the latter's need to obtain proper information and education, in

combination with the financial industry's own responsibilities and

initiatives as appropriate, so as to increase households' preparation

whilst maintaining adequate investor protection;

Consider, where appropriate, possible additional solutions so as to

increase the participation and contribution levels of households in

non-statutory pension schemes and address relevant cases of possible

insufficient access to pension products and schemes, e.g. for low-

income households, drawing experience from other national

experiences as appropriate;

Encourage industry's efforts to further enhance the supply of pension

savings products, where relevant, and raise the standards of advice and

customer support, in order to ensure proper matching between the

customer profile, on the one hand, and the nature of the investment

proposed including in relation to all costs, on the other hand. This

would require in particular consolidating a competitive environment

with adequate prudential supervision, and facilitating issuance by the

–

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financial industry of instruments that enhance assets and liabilities

management by providers of pension saving products and annuities;

–

STRESSES the need for further monitoring of market innovation,

bearing in mind the need for a level playing field across investment

products with similar characteristics, and therefore INVITES the

Commission to investigate whether further work is necessary for the

development of a Single Market for retirement products;

EMPHASISES its vigilance, as regards the macro-economic and

financial stability implications of current trends in the shifting of risks

to households, and in the concentration of assets within ageing

populations, including as intermediated through institutional investors'

investment strategies."

–