The EU Commission's proposal to offer a ‘partial passport' for the cross-border operation of investment funds is flawed, according to the Investment Management Association (IMA).
It claimed that the Commission proposal for a partial passport, under which the functions of calculating the net asset value of the fund and maintaining unitholder registers would have to take place in the Member State in which the fund is domiciled, would impose unnecessary artificial restraints.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till