UK - The Investment Management Association has applauded recommendations to create a "standalone asset management pillar" for Europe.
The IMA supported the call – made by a group of 26 European alternative investment experts in a report to the European Commission – for a single market that would “break down the barriers” and create a more competitive marketplace.
The report – Financial Services Action Plan: Progress and Prospects – outlined changes required to overhaul the alternative investment market and make it more transparent.
The IMA said creating a genuine single market was a critical step to breaking down existing barriers to a European single market and introducing a flexible, regulatory regime capable of responding to market developments and customer needs.
IMA deputy chief executive Sheila Nicoll said: “With the placing of asset management centre stage it is important not to lose the momentum for the move towards a single market for asset management.
“The industry is keen to create key drivers for successful pan-European asset management, which must be rooted in the fundamental principles of transparency and appropriate investor protection.”
The IMA said it was also working on three key areas where change was recommended; registration of funds, recognition of asset pooling techniques and facilitation of cross-border mergers.
Improvements the asset management industry need to make to organise business on a cross-border basis include:
- Simplified fund registration.- Facilitation of cross-border fund mergers.- Recognition of asset pooling techniques and structures.
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