The Investment Management Association (IMA) has called on the UK regulator, the Financial Services Authority (FSA) to re-think the way it proposes to implement two key parts of the EU UCITS Management Company Directive – the City trade association made its representations in response to FSA Consultation Paper 163.
IMA is concerned that the proposals from the FSA could put the UK fund management industry at a competitive disadvantage, as the draft rules go over and above those required by the Directive – a practice termed “super equivalence”.