The European Fund and Asset Management Association (EFAMA) and UK's Investment Management Association (IMA) issued a report on 'a harmonised, simplified approach to
UCITS registration' calling for simplification of registration procedures for funds which market cross-border in Europe. The report states that burdensome visa requirements have developed over the years and calls on the regulators among others to agree to acknowledge the responsibility of the home regulator of the fund.
The visa requirements provide a significant barrier to a single European market, add to costs for investors and limit the choice available to them. The direct costs of adhering to the different rules, estimated at some Euro 25 million each year, on top of the initial registration costs of Euro 20 million, are dwarfed by the indirect and opportunity costs faced by funds when operating on a cross-border basis. In comparison, the study concludes that the benefits, particularly in terms of investor protection, are limited.
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