HARMONIZATION OF INVESTMENT SERVICES IN THE EUROPEAN UNION - THE EXAMPLE OF INVESTMENT FUNDS

This paper aims to present the level of harmonization of investment services in relation to the European investment funds’ market. The author, in an attempt to systematize different types of investment services in Europe, refers to the European Freedoms and presents the key reasons for the harmonization of investment services. An important part of the study is to present the role of investment funds in the financial sector, as well as the crucial benefits of participation in the funds. By using the method of analysis of the sources, the author makes a review of the European regulations on investment funds, both the law and the recommendations of regulators. From the perspective of recent legislation changes the study highlights their possible implications, especially for less developed countries of the European Union. Complementing the current picture of harmonization the author, by referring to the substantial transformation of the common market of the European Union in 2004, makes review of dynamics of this sector, based on basic statistics. What is worth paying attention in this context is that there is still a slight share of the newly acceding countries. Verification of accuracy of the author’s observations may become the subject of wider discussion on the harmonization of financial services in this area, taking into account time necessary to assess the impact of European regulations currently being implemented.