The European Parliament today voted to revise draft EU legislation on investment funds (the UCITS directive), a sector that is valued at almost €6.3 trillion. The legislation, which is being shepherded through the European Parliament by Green draftsperson/rapporteur Sven Giegold, also included provisions on remuneration and performance fees, which were both narrowly defeated during the voting. After the vote, Sven Giegold, Green finance spokesperson, stated: