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Why the regulatory witch-hunt for ‘closet trackers’ is a dead-end. CEPS Commentary, 9 December 2014

Casey, Jean Pierre. (2014) Why the regulatory witch-hunt for ‘closet trackers’ is a dead-end. CEPS Commentary, 9 December 2014. [Policy Paper]

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    Abstract

    ESMA, the European watchdog of securities markets, has announced its intention to take a closer look at so-called ‘closet trackers’, with a view to identify whether there is a potential need for a coordinated pan-European policy response to these particular funds, which are supposedly actively managed but in reality closely track their benchmarks. In this commentary, Jean Pierre Casey suggests that more work needs to be done to demonstrate that a market failure exists. He also cautions on some of the difficulties associated with a potential regulatory intervention. In his view, the perceived problem is best tackled through transparency and competition.

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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) > CEPS Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 09 Dec 2014 14:14
    Number of Pages: 4
    Last Modified: 29 Nov 2016 09:16
    URI: http://aei.pitt.edu/id/eprint/58247

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