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IMA announces fears EU passport proposals for investment funds

The IMA has rounded on the European Commission’s decision to propose a “partial passport” within its Exposure Draft, calling it both unjustified and illogical.

The trade body says that while it is in support of the majority of its proposals, a full passport would be more in the spirit of the development of cross border business as it would mean that “artificial restraints” such as calculating net asset value and maintaining unitholder register would be imposed on the Member State where the fund is domiciled.

IMA deputy chief executive Sheila Nicoll says: “”It is very disappointing that an otherwise excellent piece of work falls down on one important issue. A number of UK funds are already administered in another EU Member State so this would be a significant backward step from the present position and would prevent the development of European centres of excellence in fund administration.”

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