Cross-border distribution of funds: ManCos fear gold plating
Luxembourg management companies are drawing attention to the increasing reporting burden that often lands on their shoulders when European level regulation, such as the cross-border fund distribution directive, is passed. These requirements, they argue, often simply serve to placate national authorities over their lost jurisdiction. “It’s creating an additional burden on the investment fund manager,” said Chloé Piquet, a senior manager in regulatory services at Deloitte.
Fund managers need to get reporting houses in order
A worldwide increase in regulation on client reporting and the need to provide better service to clients are driving asset managers to look hard at their client reporting objectives, according to a recent opinion article by Dominique Tomassoni, product strategy director for Digital/Client/Regulatory reporting solutions at NeoXam, a French financial software company.
Luxembourg bankers support mutualisation of finance functions
Luxembourg banks want to work together to create common standards on certain compliance-related functions, a survey by the Luxembourg Bankers’ Association ABBL among its member showed. 93% of respondents said they see such cooperation as ‘valuable for the financial services community’.