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Article Dans Une Revue European Journal of Finance Année : 2012

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.
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Dates et versions

hal-04445431 , version 1 (07-02-2024)

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Douglas Cumming, Gael Imad'Eddine, Armin Schwienbacher. Harmonized regulatory standards, international distribution of investment funds and the recent financial crisis. European Journal of Finance, 2012, 18 (3-4), pp.261-292. ⟨10.1080/1351847X.2011.579743⟩. ⟨hal-04445431⟩

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