Cut the red tape campaign

Whether or not proposals to extend Europe's Ucits legislation ever see the light of day is a matter of opinion. But it is a prime example of how the germ of an excellent idea can be buried beneath layers and layers of bureaucracy and red tape. This latest proposals contains some forward thinking ideas such as increasing the flexibility of fund management groups by passporting managers, not just products; a new pan-European set of rules for prospectuses; plus a proposal to centralise the way countries deal with companies deal with the delegation of management tasks in different countries. A...