A European Commission consultation on reducing barriers to the cross-border distribution of investment funds saw five industry bodies making submissions before an official consultation period closed at the end of last week.
The organisations that responded mostly commented on the costs and difficulties of registering for business in multiple countries.
The five organisations were ICI Global, a trade association for global fund managers, the UK arm of asset management firm BlackRock and the Italian business association of financial advisers ANASF as well as trade bodies Invest Europe and the European Federation of Financial Advisers and Financial Intermediaries.
Last month the European Commission tabled proposals that aim to reduce barriers to the cross-border distribution of funds and encourage a more “proportionate” approach to the regulation of investment firms.
The options that the Commission is examining include the harmonisation of national marketing requirements and practices, changes to administrative requirements, online distribution and notification requirements and creating a central repository for information on regulatory fees.
The consultation forms part of the Commission’s Capital Markets Union plan, which last month the Commission said it wanted to “reboot” with the aim of strengthening Europe’s financial system as Brexit looms.
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