IMA calls for effective fund passporting system

The investment trade body called for action following publication of draft proposals on improving the EU single market for investment funds. While the IMA welcomed many aspects of the draft proposals, among them plans to allow fund pooling and mergers across jurisdictions, a revised simplified prospectus and enhanced supervisory co-operation, it argued proposals for a management company passport were retrograde. “The UCITS directive, when amended in 2001, provided a passport for a management company to operate a fund on a cross border basis, but because of ambiguities in text, this h...