IMA welcomes UCITS exposure draft

22 March 2007

IMA has welcomed the Commission's exposure draft on the UCITS directive. IMA is particularly concerned to ensure that the provisions relating to the management company passport deliver the desired efficiencies. Existing rules haven't stopped national regulators from imposing additional requirements.

Today's exposure draft suggests the possibility of a 'partial' management company passport which would still require considerable administrative activities to be undertaken in the same member state as the fund.

“We now have very concrete evidence of the Commission's commitment to an efficient, globally competitive asset management sector in Europe”, Sheila Nicoll, deputy chief executive of IMA said.

Press release

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