The European Commission's White Paper on enhancing the common market in investment funds says new rules are needed because the existing UCITS regime cannot deal with structural changes.
The White Paper on enhancing the single market framework for investment funds suggest although passporting using UCITS (Undertakings for Collective Investments in Transferable Securities) rules means cross-border fund sales represented 66% of total net industry inflows in 2005, this success is by no means guaranteed. “The UCITS Directive is no longer sufficient to support the European fund industry as it restructures to meet new competitive challenges and the changing needs of European investors,” the paper states. “Core elements of the Directive are not functioning properly. The freedo...
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