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.
Developed by industry-wide group
Joined in 2002
'Educate clients' children'
Raised £15m earlier this week
From 8pm Friday 19 October