The Investment Management Association in the UK has spoken up in favour of continued EU fund distribution reforms, arguing that the agenda for change must not be derailed by the likely failure of the Treaty of Lisbon to be ratified.
The result of the Irish referendum on the treaty is not yet formally known, but the BBC is reporting that the ‘no’ vote is substantially ahead in votes counted so far. The treaty must be approved by all member states to become law. The IMA has been working with the EU on the question of passporting for financial products and services. It said last summer that the removal of barriers to cross-border fund distribution “is a crucial step to ensuring that asset management firms throughout Europe are able to maintain and enhance their position in an increasingly competitive global environment”...
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