IMA opposes 'partial passport' proposal

Responding to the Commission’s Exposure Draft on removing the major barriers to pan-European investment fund business, the IMA urged it to follow the spirit of the single market and support the development of cross-border business by providing for a full passport for the Ucits management company. 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.