2018年-CEPS欧洲政策研究中心_Pan_52页_589kb

Summary of PAN-EUROPEAN ASSET MANAGEMENT ACHIEVEMENTS AND REGULATORY IMPEDIMENTS

Core Content

This report, authored by the CEPS Task Force on Pan-European Asset Management, evaluates the current state of the European asset management industry and identifies regulatory and tax impediments to its integration. The report outlines the progress made in harmonizing regulations and highlights the remaining challenges, particularly in the area of taxation.

Main Findings

1. Regulatory Landscape

• Multiple Regulatory Regimes: The EU has five different regulatory frameworks for asset management: banking, investment services, insurance, pension funds, and investment funds.
• Need for Harmonization: The Task Force concludes that there is no need for a new horizontal directive to replace existing ones. Instead, progress has been made with the UCITS II & III directives and the pension funds directive, which are steps toward a more integrated market.
• Lamfalussy Approach: Level 2 and 3 regulatory issues require a more harmonized approach across supervisory authorities. The UCITS Committee currently has limited powers, and the Insurance Committee needs to be upgraded to handle secondary legislation and harmonized implementation.
• Convergence of Conduct-of-Business Rules: The amended investment services directive may lead to the most open and harmonized regulatory framework for asset management.

2. Asset Management Industry Overview

• Industry Structure: The asset management industry includes both institutional (collective) and individual (discretionary) investment activities.
• Market Segmentation: The industry is divided into wholesale (for institutional investors) and retail (for individual investors).
• Growth Trends:
  • Insurance companies and pension funds have shown moderate growth in the EU, with insurance companies growing at an average of 13% between 1995 and 1999, and pension funds growing at 14% annually.
  • Investment funds have shown the strongest growth, increasing from €1,171 billion in 1995 to €3,448.8 billion in 2000.
• Asset Allocation Trends:
  • Insurance companies in the EU allocate a significant portion of their assets to fixed income and equity, with a notable difference between northern and southern EU countries.
  • Pension funds in the EU show a more varied allocation, with some countries (like the UK) investing heavily in equities, while others (like Germany) focus more on fixed income.

3. Taxation Challenges

• National Tax Systems: The current tax regimes are fragmented and create tax discrimination, increasing the cost of asset management and reducing investor returns.
• Cross-Border Effects: Divergent tax rules lead to the duplication of fund structures, making cross-border investments more complex.
• Tax Credit Variations: Some countries allow tax credits for foreign taxes paid, while others do not, creating further obstacles.
• Investor-Level Relief: There is little effective tax relief for investors at the fund level, as double-taxation treaties often do not apply to funds.
• EU-Level Solutions: The report suggests that convergence of tax systems and consensus on taxing non-residents could reduce discriminatory practices.

4. Competitive Factors

• Performance and Reputation: These are the key competitive factors in the asset management industry.
• Market Integration: The report predicts continued integration of the fund management industry and increased participation of banks in asset management.
• Home Bias: Investors tend to favor domestic investments due to factors like exchange rate volatility, regulatory differences, and taxation. EMU has reduced currency risk but increased correlation between EU member states, limiting the benefits of diversification.

Key Recommendations

• Support ECJ Actions: The ECJ should continue to eliminate barriers to the free movement of capital.
• Infringement Cases: The EU Commission should initiate more infringement cases against discriminatory tax practices.
• Industry Collaboration: The asset management industry should assist the Commission by identifying and reporting restrictive practices.
• Tax Convergence: Efforts should be made to align tax systems across member states, especially in the areas of pension taxation and corporate taxation.

Conclusion

The report emphasizes that while regulatory progress has been made, taxation remains the most significant obstacle to pan-European asset management. It calls for a harmonized approach to tax policies to support the development of a truly integrated European asset management market.

Key Statistics

• Insurance Companies: Hold 54.4% of GDP in assets (EU, 2000).
• Investment Funds: Hold 40.6% of GDP in assets (EU, 2000).
• Pension Funds: Hold 29.2% of GDP in assets (EU, 2000).
• EU-15 Total Assets (2000):
  • Insurance: €5,400 billion
  • Investment Funds: €3,448.8 billion
  • Pension Funds: €2,484.4 billion

Summary of Recommendations

• Regulatory Harmonization:
  • Continue the Lamfalussy-style approach for implementation of level 2 and 3 rules.
  • Upgrade the Insurance Committee to handle secondary legislation and harmonized implementation.
• Tax Policy:
  • Promote convergence in tax systems, particularly for pensions and corporate taxation.
  • Address cross-border tax discrimination and improve tax credit mechanisms.
  • Encourage the EU Commission to take more infringement cases against member states.

References and Annexes

• The report includes annexes with detailed regulations, statistics, and a list of directives and acronyms.
• Appendices provide data on:
  • Capital adequacy and asset allocation rules.
  • Growth of the asset management industry.
  • Taxation of pensions and investment funds.
  • Participants and invited speakers in the Task Force.

Final Notes

• The CEPS Task Force emphasizes that while the EU has made progress in harmonizing regulatory frameworks, taxation remains a critical barrier to pan-European integration.
• The European Court of Justice and the EU Commission are key players in addressing these issues, supported by the asset management industry itself.