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Eligible assets, investment strategies and investor protection in light of modern portfolio theory: Towards a risk-based approach for UCITS. ECMI Policy Briefs No. 2, 18 September 2006

Casey, Jean-Pierre. (2006) Eligible assets, investment strategies and investor protection in light of modern portfolio theory: Towards a risk-based approach for UCITS. ECMI Policy Briefs No. 2, 18 September 2006. [Policy Paper]

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    Abstract

    As the European Commission is currently in the process of preparing 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. European Capital Markets Institute (ECMI) Head of Research 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 a reliance 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exercise – and the investment restrictions which form the other cornerstone of investor protection in UCITS, are outdated and out of sync with the lessons of modern portfolio theory. ECMI is an independent research body specialising in research on capital markets. It is managed by CEPS staff.

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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
    EU policies and themes > Policies & related activities > economic and financial affairs > general
    EU policies and themes > Policies & related activities > economic and financial affairs > business/private economic activity
    Subjects for EU documents: UNSPECIFIED
    EU Series: UNSPECIFIED
    ["eprint_fieldname_eusries" not defined]: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > ECMI Policy Briefs
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 14 May 2009
    Page Range: p. 15
    Last Modified: 06 Apr 2012 12:36
    URI: http://aei.pitt.edu/id/eprint/9525

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