Harmonized regulatory standards, international distribution of investment funds and the recent financial crisis
Résumé
In this paper, we consider for the first time the impact of fund regulation on the international distribution
of investment funds.We study the 2001 Undertakings for Collective Investment in Transferable Securities
(UCITS) Directive of the European Union, which was put in place to mitigate fraud and promote investor
confidence throughout Europe.We examine the impact of UCITS on international distributions of European
investment funds over the 2002–2009 period.We showthat the UCITS regulatory structure has significantly
facilitated cross-border fund distributions, albeit UCITS has had less success in facilitating distributions
among smaller fund promoters. Also, UCITS funds, especially UCITS equity funds, have lost some of their
advantage in terms of cross-border distribution during the period of the recent financial crisis. Further, we
show there has been a growing interest in UCITS over time outside Europe, notably in Asia.
Mots clés
Domaines
Economies et financesOrigine | Fichiers produits par l'(les) auteur(s) |
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