EFAMA proposes digital passport for pan-European fund access

Also criticises recent share class rulings

The European Fund and Asset Management Association (EFAMA) has proposed the introduction of a "digital passport" to facilitate the distribution of asset management products across EU borders.

In its response to the European Commission's Capital Markets Union mid-term review consultation, EFAMA said that although there has been "high interest" from asset managers in the distribution of services via a single on-line platform across the EU, there are currently a number of barriers to entry. Across the EU, these barriers include different marketing rules, varying definitions and rules on advice, diversified fund pricing structures, and additional registration requirements imposed by national frameworks. Passport ID requirement 'illogical' addition to MiFID II Furthermore, t...