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Time for a risk-based approach to UCITS. ECMI Commentary No. 10, 5 October 2006

Casey, Jean-Pierre. (2006) Time for a risk-based approach to UCITS. ECMI Commentary No. 10, 5 October 2006. [Policy Paper]

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    As the European Commission undertakes to publish its White Paper on the enhancement of the EU framework for investment funds (scheduled for November 2006), now is a good time to reflect on whether the UCITS framework needs a radical overhaul if the regulatory landscape is going to adapt itself to the reality of market evolutions. Jean-Pierre Casey contributes to this important debate with the second ECMI Policy Brief, in which he argues that UCITS ought to move to a risk-based approach as opposed to relying on the product approach. Casey concludes that both the product approach, which necessitates defining eligible assets – a laborious exercise – and the investment restrictions which form the other cornerstone of investor protection in UCITS, are outdated and out of sync with the lessons of modern portfolio theory.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > Single Market > capital, goods, services, workers
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > ECMI Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 21 Nov 2009
    Page Range: p. 2
    Last Modified: 15 Feb 2011 18:15

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