The IMA urges the EC to implement the new proposals immediately to allow the asset management industry to benefit from an efficient single European market.
The trade body specifically welcomes the mandate given to the Committee of European securities regulators regarding the introduction of a management company passport and says it will work closely with the authorities on the issue.
Under the new Ucits IV directive, a full passport allows a fund manager based in one member state to run and trade funds in another rather than just allowing cross-border marketing as permitted under the Ucits III framework.
IMA director of international relations Jarkko Syyrila says: “Ucits has been a great European success story for the industry and investors and with increasing global competition these improvements are welcome. The provisions to improve investor protection, and reduce costs and bureaucracy will benefit the industry and investors alike.
“We now call on the European institutions to work together to ensure that all these crucial improvements to the Ucits framework can be adopted by the 2009 European elections.”