Jane Lowe, director of markets at the IMA, said: "Under the proposed rules, investment managers may have to follow two different sets of rules for client transactions. Also, investment in less developed markets could be restricted by any attempt to overlay one nation's laws over another's”.
The Investment Management Association (IMA), alongside seven other trade associations, has called upon the European Commission and US Treasury to take action on proposed derivatives trading rules when regulators implement G20 commitments. In a letter addressed to Michel Barnier and Tim Geithner, the trade associations have called for international cooperation on the harmful effects of extra-territoriality.
Commenting, Jane Lowe, Director of Markets at the IMA, said: "Investment managers have consistently supported the G20 agenda for reform of the derivatives markets. However, changes should make business sense. In global markets, conflicting regulatory requirements are likely to introduce uncertainty, wasted time and cost for firms and their clients, without any clear regulatory benefit. We therefore urge regulators in the EU and US to pursue a more joined-up approach”.
Press release
© IMA
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