Asset managers will be able to sell funds into Europe without setting up a base on the Continent fro...
Asset managers will be able to sell funds into Europe without setting up a base on the Continent from 13 February 2004 under the Ucits management directive.
The FSA published consultation paper 163 on the directive in December 2003 and it has now been implemented into UK law.
The document focuses on introducing a passport system, similar to that available under the existing Investment Services Directive (ISD), allowing cross-border investment services within the EU.
The regulator published feedback on CP163 last week to deal with concerns in the original document. The directive imposes various capital adequacy requirements on Ucits firms, which some respondents believed would make the UK funds industry uncompetitive in Europe.
The FSA has now relaxed this measure by excluding variable costs from a firm's annual audited expenditure, which should reduce minimum capital adequacy requirements.
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