The European Commission is to launch a consultation in May looking into the main barriers to fund groups selling products across different countries, following complaints from fund managers.
Groups said current passporting legislation inhibits cross-border sales through gold-plating by national regulators, additional fees, and the different requirements for marketing material. Speaking in Amsterdam, EU commissioner Jonathan Hill said the consultation aims to improve passporting by allowing investors to get hold of the right information, and enjoy more choice and products. "Asset managers have told us that the existing EU passporting system is not working properly," he said. "For me, a passporting system that works for investment funds is fundamental to a single market ...
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