Warning EU proposals will add 'new layer of rules' for cross-border fund sales

European Commission: proposals will make cross-border distribution ‘simpler, quicker and cheaper’

European Commission (EC) proposals to "boost" the cross-border market for investment funds, published on 12 March, will "add yet a new layer of rules" for asset managers to follow, director general of the European Fund and Asset Management Association Peter De Proft has said.

The proposals, which will affect all asset managers regulated in Europe, are part of the EU's capital markets union (CMU) initiative to promote alternative sources of financing and remove barriers to cross-border investments within the bloc. Specifically, the EC is proposing to improve transparency by "aligning national marketing requirements and regulatory fees", and introduce "more consistency in the way these regulatory fees are determined". European Commission plans to remove barriers to cross-border fund distribution The EC said this policy "harmonises the process and requirem...