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By Axelle FEREY, Head of Operations and Bahya BOUHARATI, Associate, Investment Funds, DLA Piper Luxembourg
AIFM and UCITS Directives largely built their success on the introduction of the marketing passport and the creation of a common regime for investment funds distribution whereby a product could be distributed across the EU market on the basis of one single authorisation.
Several years after the implementation of such regimes, despite significant progress, there is strong evidence that things are not operating efficiently. The investment funds market is still largely fragmented along national lines. According to analysis carried out by the European Commission in 2018,(1) 70% of assets under management of investment funds are sold only in...
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