EUROPE – The European Parliament today adopted the Klinz report on asset management by a “clear majority”.

According to a Parliament spokesperson, the report was adopted with one amendment, which was approved by 301 votes to 234. There were 32 abstentions.

“All the other votes, including the final vote, were by a show of hands,” said the spokesperson. “So there are no figures, but there was a clear majority.”

The report - by German MEP Wolf Klinz of the European Parliament’s committee on economic and monetary affairs – was drawn up in response to the European Commission’s Green Paper on asset management.

It acknowledges that asset management - which in this context means UCITS investment funds – is “an appropriate and promising instrument for ensuring sustainable retirement provision”.

“This is an own initiative report, so in one respect the matter ends here, with a political statement of Parliament's position,” said the spokesperson.

He added: “In this case, the report was drawn up in response to a Commission Green Paper on the subject, and was intended to influence the Commission's plans, which will be set out more clearly in a White Paper in the autumn, which may lead on to individual legislative proposals in due course.”

In March, the economic and monetary affairs committee voted against proposals to bring UCITS investment funds within the scope of the directive on occupational pension funds.

The proposals had been brought by Austrian MEP Othmar Karas, who was the original parliamentary ‘rapporteur’ for the Institutions for Occupational Retirement Provision directive.

Karas’ proposal was among a series of amendments to the Klinz report on asset management.

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