ESMA

Julie Patterson, director in KPMG's investment management team and its head of Brexit, takes a closer look at the challenges for European regulators to bring about a consistency of approach.

Part of wider EU transparency standard

Permits the continuing use of currency hedged classes

ESMA targets fund sector

Reinforces MiFID II cost disclosure requirements

Duplicates existing rules

'Exceptional technical implementation challenges'

Issue raised by ESMA last week

Inherited from SWIP acquisition

What is indisputable is the issue of 'closet trackers' has long been a serious blight on the reputation of the whole active management fund industry.