IMA speaks out on cross-border fund management debate

The IMA issued the warning in response to the Committee of European Securities Regulators' (CESR) call for evidence on the practicalities of introducing a management company passport. The association stated that dual control would be too burdensome and remove the cost benefits of having such a passport. It added that the CESR needs to analyse the division of duties between the management company supervisor and the fund supervisor, and determine what each needs in order to conduct its duties effectively. Jarkko Syyrilä, director of international relations at the IMA said: "Introduction...