IMA has strongly urged the Commission to break down the barriers to the cross-border marketing of investment funds to professional investors who do not need the same protections as retail investors. Responding to the Commission's call for evidence on a private placement regime,
IMA notes that the lack of a pan-European regime puts investment funds at a competitive disadvantage as compared to other financial services products.
“In some countries the rules are overly restrictive while in others the lack of clarity is an obstacle”, IMA notes. “Member States have already accepted in MiFID that the imposition of rules designed to protect retail investors is not necessary in this market. “
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