Press Release: Financial services: Commission consults on facilitating cross-border investment by expert investors (private placement)

The European Commission has published a call for evidence regarding the functioning in EU Member States of private placement regimes, under which securities can be sold privately to a limited number of eligible investors. The Commission White Paper on investment funds identified the absence of a common approach to private placement as a possible stumbling block to mutually beneficial transactions between financial professionals. Reactions from all interested stakeholders are invited before 30 June 2007. A first discussion on these issues will be held on the occasion of the UCITS open hearing on 26 April 2007. Responses to this consultation will contribute to the Commission's assessment on the need and potential options for a European private placement regime scheduled for end 2007.