IMA says it welcomes today’s publication of the European Commission’s exposure draft outlining the suggested improvements to the EU single market framework for investment funds (UCITS). The exposure draft provides proposals for increasing the efficiency of the European asset management industry amid growing global competition. The Commission’s draft addresses the issues on which the industry has for some time been calling for action i.e. fund notification; mergers and pooling; the simplified prospectus; supervisory co-operation and the management company passport.
IMA is particularly concerned to ensure that the provisions relating to the management company passport deliver the desired efficiencies. IMA says the exposure draft suggests the possibility of a “partial” management company passport, which would still require considerable administrative activities to be undertaken in the same member state as the fund. “We have come a long way: we now have very concrete evidence of the Commission’s commitment to an efficient, globally competitive asset management sector in Europe and to strong investor protection,” says Sheila Nicoll, Deputy Chief Executive of the IMAT.
“This consultation also heralds a new era of transparency and openness in the European decision-making processes. IMA will continue to be fully engaged to ensure that the proposals deliver what the industry has been asking for, to the benefit of fund managers and investors alike.”