xv-73-87-comments4-redacted
Dieses Dokument ist Teil der Anfrage „Ergebnisse von Konsultationen“
Ref. Ares(2023)3725176 - 30/05/2023
GROUPEMENT DES CAISSES D’EPARGNE DE LA COMMUNAUTE ECONOMIQUE EUROPEENNE
SAVINGS BANKS GROUP OF THE EUROPEAN ECONOMIC COMMUNITY
SPARKASSENVEREINIGUNG DER EUROPÄISCHEN WIRTSCHAFTSGEMEINSCHAFT
LE SECRÉTAIRE GÉNÉRAL - THE SECRETARY GENERAL - DER GENERALSEKRETÄR
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JAG/JAG - 61 XV
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Administrateur Principal
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Direction Générale XV
Commission des Communautés Européennes
200, rue de la Loi
1049 BRUXELLES
Concerne : Prestation de services d’investissement au public
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Monsieur,
Vous trouverez ci-joint les Observations du Groupement des
Caisses d’Epargne de la CEE concernant le projet de proposition de
directive sus-mentionné (XV/73/87). Je vous serais reconnaissant
de les prendre en considération lors de la préparation de la
proposition de directive en ce domaine.
Avec tous mes remerciements, agréez, Monsieur, l’expression de
mes sentiments les meilleurs.
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<αω Avenue de la Renaissance, 12, B-1040 Bruxelles - 736 80 47 - Telefax: 736.09.55
GROUPEMENT DES CAISSES D’EPARGNE DE LA COMMUNAUTE ECONOMIQUE EUROPEENNE
SAVINGS BANKS GROUP OF THE EUROPEAN ECONOMIC COMMUNITY
SPARKASSENVEREINIGUNG DER EUROPÄISCHEN WIRTSCHAFTSGEMEINSCHAFT
SECRETARIATGENERAL: AVENUE DE LA RENAISSANCE. 12. B-1040BRUXELLES- W02/736 80 47-TELEFAX: 02/ 736 09 55
ECONOMICAS DA COMUNIDADE ECONOMICA EUROPEIA · GRUPPO DELLE CASSE DI RISPARMIO DELLA COMUNITÀ ECONOMICA EUROPEA
SPAARBANKENVERENIGING VAN DE EUROPESE ECONOMISCHE GEMEENSCHAP · SPAREKASSEFORENINGEN FOR DET EUROPAEISKE ØKONOMISKE FAELLESSKAB
DE AHORROS DE LA COMUNIDAD ECONÓMICA EUROPEA · ΕΝΩΣΗ ΤΑΜΙΕΥΤΗΡΙΩΝ ΤΗΣ ΕΥΡΩΠΑΪΚΗΣ ΟΙΚΟΝΟΜΙΚΗΣ ΚΟΙΝΟΤΗΤΑΣ
DOC GB 54/87 fin October 19. 1987
OBSERVATIONS
on the
Proposal for a Directive on the
Provision of Investment Services to the Public
I. GENERAL OBSERVATIONS
Having examined the first two working papers on rules governing the profession
of investment advisers in its Capital Market Committee and having issued Obser
vations on them in I985 (DOC GB 22/85), the EEC Savings Banks Group welcomes
the continuation of work in this field after an interruption of two years.
Working Document No 3 (XV/73/Ö7) bears a different title as the intention is to
broaden the scope of the Directive to cover any gaps that may exist in the
protection of investors. This is basically to be welcomed. However it so
happens that, without any reason being given, the scope of the Directive now
extends to investment advice offered by the staff of credit institutions.
There is no logical reason for this as both credit institutions and insurance
companies are well known to be subject to strict authorisation procedures as
well as to a special specific and equal supervision by the state through the
prudential supervisory authorities in all the EEC Member States. There is
therefore an overwhelming argument against requiring a special authorisation
not only for the banks but also for their employees. Those members of bank
staff that operate in the field of investment advice are sufficiently well
trained to ensure that they are qualified to offer advice on investment.
The general exemption given to insurance companies (Article 3 of the draft),
which are equally active in the field of investment advice (notably the life
assurance companies), will bring with it considerable distortions of
competition if the banking sector is to be subjected to the requirement to seek
special authorisation to offer investment advice and manage investment
portfolios. Moreover there will be substantial discrimination between the staff
of banks offering investment advice and the staff of insurance companies
offering investment advice.
Banking institutions and, as a result, their activities in the field of secu
rities, investment advice and asset management should therefore be exempted
from the scope of the draft directive.
S.B.G.-E.E.C. DOC GB 54/87 fin 2 -
II. OBSERVATIONS ON PARTICULAR ARTICLES
Article 2 : The list of investments should be so formulated that it does not
have to be amended every time a new instrument comes onto the
market. The internationally recognized term "financial futures"
should therefore not be restricted through attempts to translate
or paraphrase it. Mention should also be made of commodity
futures and precious metals.
As regards collective investment schemes it is noted that no
express mention of UCITS has been made even though an EC Direc
tive regulating them has been in existence since I985. On the
other hand investment clubs should be expressly excluded from
the scope of the proposal as, although investors have no say in
the individual management of the investments, they can through
their votes determine the investment policy of the club to which
they belong and thus retain a certain control.
Article 3 : As argued above, the third indent should exclude licenced credit
institutions in respect of all their activities (in exactly the
same manner in which insurance companies are excluded under the
fourth indent). This means that all investments - whatever their
form - offered by the staff of credit institutions would be
excluded from the scope of the directive.
Article 4 : The first paragraph makes no mention of the case of a person
offering investment services in another Member State without
being established there (see Article 6).
The communication of "a document containing details of the
investment service proposed to be provided" as required under
paragraph 2(a), will represent a barrier to innovation as it
will delay the introduction of new services. The effect of
paragraph 3 will be that the competent authorities will draw up
and publish criteria that differ radically from one Member State
to another.
Article 5 : The "conduct of business rules" described here are tailored to
stockbrokers and show clearly that the directive cannot be
applied to the banks.
