Translation of "Investments in securities" in German

Legislation on collective investments in securities needs to be modified.

This provision shall not apply to collective investments in transferable securities.

Investments in securities are subject to market and other risks.

Investments in fixed income securities are allocated based on the legal incorporation of the issuer.

RMG holds certain investments in Government securities or National Loan Fund deposits, classed as current assets and often referred to as the ‘gilts’.

The net income figure stems mainly from lower interest income from investments in securities and fixed deposits.

Most of these assets are investments in securities and other liquid resources.

Investments in foreign securities involve special risks including currency fluctuations, economic instability and political developments.

Investments in non-Citi securities may, in some circumstances, raise concerns about conflicts of interest.

Collective investments in transferable securities are not only sold in Europe, but are also, to a not inconsiderable extent, exported to regions outside the European Union - particularly to South America and Asia - where they are very highly regarded.

In order to enhance effective investor information, provisions concerning the simplified prospectus were introduced in Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations, and administrative provisions relating to undertakings for collective investments in transferable securities (UCITS) [1] by Directive 2001/107/EC of the European Parliament and of the Council [3].

We call upon Member States, for instance, to repeal restrictions on pension fund investments in securities listings or exchanges in other Member States and in unlisted securities.

There is a trend towards ever increasing investments in securities - we also talk about this in connection with pension funds - and that is why I would recommend speedy adoption and implementation, hopefully before 2005. This too would be in line with the Lamfalussy report.

I voted for the directive on undertakings for collective investments in transferable securities because one way that pensioners get rich - I am not being serious here - is through reaping the benefit of fruitful savings.

In other words, long-term investments in stocks do yield more than investments in government securities, but the heightened volatility means that decades must pass before we can safely conclude that an average stock investment has indeed brought higher returns.

For statistical purposes, MFIs comprise resident credit institutions as defined in Community law, and all other resident financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other than MFIs, and, for their own account (at least in economic terms), to grant credits and/or make investments in securities.

The MFI sector consists of NCBs, credit institutions as defined in Union law, MMFs, other financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other than MFIs and, for their own account, at least in economic terms, to grant loans and/or make investments in securities, and electronic money institutions that are principally engaged in financial intermediation in the form of issuing electronic money.

However, the prospectus should still contain appropriate information on taxation where the proposed investment entails a specific tax regime, for instance in the case of investments in securities granting investors a favourable tax treatment.

Therefore, it is appropriate that the definition of public-interest entity also encompasses other financial institutions and entities such as investment firms, payment institutions, undertakings for collective investments in transferable securities (UCITS), electronic money institutions and alternative investment funds.

The aim is to amend the UCITS Directive (Undertakings in collective investments in transferable securities – 'UCITS V' 2009/65/EC) to (i) create a regulatory regime with robust investor protection, (ii) further strengthen the EU internal market efficiency in the investment fund sector and (iii) ensure that the UCITS legislative framework does not impair financial stability on the market.

The Committee endorses the introduction of an exemption for primary market transactions involving UCITS (units of undertakings for collective investments in transferable securities) and alternative investment funds (AIFs) in order to foster company financing.

The Commission will explore whether the eligibility criteria for investments by Undertakings for Collective Investments in Transferable Securities (UCITS) could be extended to securities listed on SME growth markets that display certain liquidity characteristics, in view of the implementation of the MiFID 2 framework.

This is all the more obvious because the UCITS Directive at present lays down a 35% ceiling on investments in securities issued by a single government body (leaving aside the 100% rule which only applies to government issuers which are specially approved by the appropriate supervisory authority).

It recommends preventing the exercise of excessive prudence in the granting of credit and the prioritising of investments in securities, to the detriment of loans to companies which have survived the crisis.

The Giovannini reports “Cross-border clearing and settlement arrangements in the European Union”1 of 2001 and “Second Report on EU Clearing and Settlement”2 of 2003 identified this as a barrier to efficient cross-border investments in securities.