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Originally, Within European borders, the regulator has implemented broad directives useful to clarify just the minimum requirements needed to act as a portfolio manager, leaving the possibility to each country to define in their law if the managers have to be licensed, approved or just have to demonstrate their skills using their background without official permissions.
Over the years, some countries have adopted strict and severe minimum requirements in terms of initial approvals and ongoing checks on asset managers activities, while some other gave them the possibility to have an easier access to the profession and softer obligations to respect and be aligned with.
Nowadays jurisdictions also outside of EU, that in the past adopted a lighter...
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