EUROPE - The notification procedure fund managers must go through in order to sell their investment funds is "overly complex", the Investment Management Association (IMA) has told the EU Commission.
In its submission on the commission’s Green Paper on the enhancement of the EU framework for investment funds, currently under consultation, the IMA called for a number of changes including changes to the notification process.
Managers who register their funds to be marketed in different member states must pay an estimated e20m for initial notification and ongoing costs of e25m per year, with indirect costs adding to the cost burden, the association argued.
The IMA welcomed the fact action had begun on this issue in the form of a consultation document by the Committee of European Securities Regulators but called for the commission to intervene to achieve more radical change, if regulators failed to do so.
“The association is concerned, however, that the document is too limited and would result in a regime which still goes well beyond the spirit of the UCITS directive,” the IMA said.
The association has also called on the commission to make the enabling of fund mergers a priority.
In general, the IMA strongly supported the commission in its push to increase the competitiveness and efficiency of the European funds industry by opening up the single European market, and believed the Green Paper correctly highlighted the key changes required.
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