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To restore confidence, investor protection rules and the ensuing obligations must be interpreted in exactly the same way at a European level. “To harmonise the rules stemming from the UCITS Directive, a legislative initiative concerning the roles and responsibilities of depositaries should not be ruled out”, Jean-Pierre Jouyet said, introducing the newsletter.
The implementation of the rules on transparency, governance and investor protection at the G20 meeting in London will be difficult, and negotiations within IOSCO and CESR will be tough, he added.
Further issues covered in the newsletter include the AMF reaction to the Madoff affair, the adoption of the UCITS Directive, and lessons for the French asset management industry drawn from the subprime crises.